Tennessee
Tennessee Attorney
Cobble Law Firm
Tennessee Bar ID: 018594
Experienced estate planning attorney Jeff Cobble helps individuals and families create comprehensive plans, including Living Trusts & Wills, to avoid probate and ensure peace of mind, with a focus on personal and professional ethics.
The Gordon Law Group, P.L.C.
Tennessee Bar ID: 14618
Experienced attorney Robin J. Gordon provides expert guidance in Estate Planning, Corporate Law, and Business Litigation, leveraging his finance background to advise individuals, families, and small business owners.
State Specific Considerations
Here are some special considerations for estate planning in Tennessee:
- Probate Process
- Tennessee has a formal probate process that can be lengthy. Simplified procedures are available for smaller estates, so understanding estate size is important.
- Consider using a revocable living trust to avoid the probate process altogether.
- Estate Taxes
- Tennessee does not have a state estate tax or inheritance tax. However, federal estate tax regulations still apply, so stay informed on federal exemption limits.
- Wills and Witness Requirements
- A valid will in Tennessee requires the signature of two witnesses.
- Holographic wills (handwritten) are recognized but must meet certain requirements.
- Advance Directives
- Tennessee permits the creation of advance directives, including living wills, which allow individuals to express their medical treatment preferences.
- Power of Attorney
- Establishing a durable power of attorney is essential for designating someone to handle financial and legal matters if one becomes incapacitated.
- Homestead Exemption
- Tennessee offers homestead exemptions that can protect a portion of a homestead’s equity from creditors and support estate planning decisions.
- Transfer on Death Deeds
- Tennessee allows for transfer-on-death deeds, enabling property owners to transfer real property to beneficiaries without going through probate.
- Special Needs Trusts
- Tennessee recognizes special needs trusts, permitting the provision of assets for individuals with disabilities without disqualifying them from government benefits.
- Minor Children Guardianship
- Parents should designate guardians for their minor children in their wills, following the state’s procedures for these designations.
- Living Trusts
- a Utilizing living trusts can provide benefits for managing assets while alive and ensuring smooth transfer upon death without probate.
Given the complexities and perils of state-specific laws, collaborating with an experienced estate planning attorney in Tennessee is advisable to navigate these considerations effectively. If you have further inquiries, feel free to ask!
