Estate planning can consist of a single document or several interrelated documents that set forth your final instructions and wishes. These instructions can begin at any time during an individual’s life and depending upon the document are not required to begin upon their passing.
Wills are the most commonly used form in estate planning and set forth the final wishes after the decedent’s passing. Tennessee has a set of requirements that must be met for these documents to be considered valid and enforceable.
Trusts are a method of transferring to or protecting assets for others that you deem as beneficiaries of the trust’s assets. These documents can work in conjunction with wills or can be set up independently at any point. There are also some trusts that focus on special needs.
Power of Attorney
A power of attorney provides another individual with the right to make certain decisions for an individual at their advance request. Common forms provide control over health care decisions and financial matters if the requesting individual becomes incapacitated for any reason. These can also become effective immediately if needed.
Advanced directives, such as living wills, work as a stand alone document or in conjunction with a power of attorney to allow the grantor to leave specific instructions regarding the use or non-use of life sustaining equipment or orders to not perform life saving medical procedures.