Introduction
Tennessee, known for its rich history, scenic landscapes, and vibrant culture, offers unique considerations for estate planning. Whether you live in the bustling cities of Nashville or Memphis or the tranquil towns scattered throughout the Smoky Mountains, understanding Tennessee’s estate planning laws is essential. This state combines traditional Southern values with progressive legal frameworks, making it a fascinating place to navigate the complexities of living, aging, and preserving legacies.
1. Legal Documents Used in Estate Planning
In Tennessee, estate planning typically involves the following documents:
- Last Will and Testament: Specifies how your assets will be distributed after death.
- Living Trust: A trust that helps manage your assets during your lifetime and after your death, avoiding probate.
- Durable Power of Attorney: Grants authority to a trusted individual to manage your financial affairs if you become incapacitated.
- Healthcare Directive: Includes a living will and medical power of attorney, outlining your healthcare preferences.
- State-Specific Documents: Tennessee offers simplified probate options, which can be beneficial for small estates.
2. Remote Online Notarization (RON)
Tennessee allows Remote Online Notarization (RON) under specific legal guidelines. To use RON:
- Notaries must be registered and use approved online platforms.
- Signers must provide government-issued ID and complete identity verification.
- Documents must be stored and accessible for a defined period.
RON simplifies the notarization process, especially for those in remote areas.
3. Guardianship Assignment
Assigning guardianship for minor children or incapacitated individuals in Tennessee involves:
- Including a guardianship clause in your will.
- Ensuring your chosen guardian meets Tennessee’s legal requirements.
- Filing a petition with the court if disputes arise.
4. Inheritance for Foreigners
Non-residents or foreigners can inherit assets in Tennessee. However:
- Federal estate tax laws apply to non-citizens.
- Special estate tax treaties may exist with certain countries.
5. Probate Rules and Costs
Probate in Tennessee typically includes:
- Duration: 6 months to a year.
- Costs: Filing fees, attorney fees, and executor fees, averaging 3-8% of the estate value.
6. Legal and Professional Costs
Estate planning attorneys in Tennessee charge:
- Wills: $300-$1,000.
- Trusts: $1,000-$3,000.
- RON: Typically $25-$50 per notarization.
7. Unique State Laws
Tennessee has a simplified probate process for estates under $50,000, making it easier for families to navigate asset distribution without extensive legal fees.
8. Introduction to Ethical Wills
An ethical will is a heartfelt document that conveys your values, beliefs, and life lessons to loved ones. The Wills App enables users to create and securely store ethical wills for distribution at the right time.
9. The Wills App for Estate Planning Automation
The Wills App simplifies estate planning through:
- Vault Storage: Securely store and organize documents.
- Automated Distribution: Ensure timely asset distribution.
- Wellness Checks: Verify user status before triggering actions.
- Cross-Border Functionality: Manage estates across states or countries.
10. Practical Storage Advice
Store physical documents in:
- Fireproof safes with access codes shared with trusted individuals.
- Secure deposit boxes at banks.
- The Wills App for digital backups.
11. Call to Action
Take control of your estate planning with the Wills App, simplifying legacy management and providing peace of mind.