Tennessee Estate Law Blog
Only old, rich people should worry about estate planning. Estate planning is so simple that you can do it yourself. Estate planning is intimidating. There are a number of misconceptions out there about estate planning. While you may have had these thoughts cross your mind in regard to estate planning, it is important to learn the facts about what estate planning is and why you should not wait.
In its most basic form, estate planning is a set of legal documents that instructs others regarding your care and assets if you are not able to speak for yourself. These legal documents may include a will, a living will, appointment of a health care agent, power of attorney, and others. Each of these documents serves a different purpose but they all direct or empower another person to make decisions on your behalf regarding your assets, your care, or even the care of your minor children. In other words, they say who is in charge and this is what I want to happen. While this process may seem scary, estate planning can be quite empowering.
Many people may hear the phrase “estate plan” and automatically think that this only applies to those with money. However, “estate” is just a legal term for anything that you own. Whether you are single, married, divorced, remarried, have siblings, have kids, or anything else you can still benefit from an estate plan. Developing an estate plan can ensure that you are prepared for anything that may come about.