Tennessee Estate Law Blog

February 11, 2014

Your Property Becoming the State’s Property?

At the Higgins Firm, our team of probate attorneys is asked a number of questions every day from potential clients. And like many lawyers, the response that we usually give to so many of those questions is, “It depends.” One of those many questions that we often hear is, “Is it true that the state of Tennessee can end up recovering from someone’s estate?” Again, we have to respond with, “It depends.”

There is only a limited set of circumstances in which the state can recover from a decedent’s estate. Under Tennessee law, the property of a person who dies is paid to the state only when there are no other living beneficiaries under a will or there are no other living relatives if someone dies without a will. Essentially, if you do not have a will and you do not have any close relatives, then the state will end up recovering from your estate. Tennessee state law does not have any intestate (dying without a will) provisions for those who are not related. Obviously, there are not many people who would ever voluntarily choose to leave their estate to the state’s treasury.

However, there is an obvious and easy way to prevent this possibility from ever happening, drafting a will. By drafting a will you are able to avoid the worst case scenario where the state would recover from your estate. In drafting a will, you are able to determine specifically who you want to recover your assets after you have passed. You are able to leave your assets to close friends or even a charity.

February 4, 2014

Jim Higgins Discusses Essential Legal Documents

by Ryan Simmons

Recently attorney Jim Higgins stopped by WSMV’s Better Nashville to discuss essential documents that every family should resolve to have this year. Those essential documents include a last will and testament, a power of attorney, and a living will. There are any number of reasons why you may put off these drafting legal documents. However, these legal documents are not expensive, and they provide your family the protection that they deserve. You can watch the interview with attorney Jim Higgins below. If you have any questions about a will, power of attorney, or living will for your family, be sure to contact The Higgins Firm today. One of our estate lawyers would be happy to provide you with any answers.

January 28, 2014

Reviewing Your Estate Plan

by Ryan Simmons

Now that we have entered 2014, you may or may not still be keeping your New Year’s resolutions. Hopefully, your resolutions are going strong and you have developed great habits throughout your life. However, if you have already slipped back into the habit of eating a little more junk food than you planned on doing, that does not mean that you should give up on all of your plans for this year. Similarly, you should resolve to review your estate planning documents. There are a number of reasons why you should periodically review your estate planning documents. Doing so can make sure that you are set for 2014 and beyond.

Reviewing Your Will Following Major Life Changes

It is always important to review your will following any of your major life changes. Whether you recently had a child, got married, or lost a loved one, each of these major life events can impact your will. As a result, you should review your will for any potential updates that need to be made. If you’ve recently had or adopted a child, you should update your will. Similarly, if you have gotten married, you will want to add your spouse to your will.

January 21, 2014

Communicating your Estate Plan

by Ryan Simmons

One of the most forgotten aspects of estate planning is communication. It is crucial that you should communicate to your family and loved ones when developing your estate plan. However, you may be wondering, “What exactly am I supposed to tell someone about my estate plan?” The following provides a few things that you should communicate to those you have included in your estate plan. If you have any estate planning questions, be sure to contact the Tennessee estate planning attorneys at The Higgins Firm.

Inform the Designated Executor

One of the most basic pieces of any estate plan is a last will and testament, otherwise known as a will. And within almost any will, an executor will be designated to handle the affairs of your estate upon your passing. This designation is never made very lightly. Being appointed executor comes with a great deal of responsibility. An executor handles much of the financial affairs of a person’s estate. The executor pays off any debts of the estate and then distributes any of the remaining assets to any beneficiaries. Because of the responsibilities that come along with being an executor, it is very important that you should let the designated executor know that you have nominated that person to serve in such a role. Doing so gives the person a heads up about the potential of serving as an executor.

January 15, 2014

Simple Steps to Protect Your Assets

by Ryan Simmons

Recently, attorney Jim Higgins appeared on News Channel 5’s Talk of the Town to talk about some simple steps that everyone should take to protect the assets within their estate. These legal documents are inexpensive, easy to obtain, and can help prevent potential harm to your estate. Drafting a Power of Attorney for a person’s finances and a Power of Attorney for a person’s healthcare can ensure that any decisions made on your behalf in a time of need are made by someone that you trust. You can watch Jim’s interview below. If you have any questions about steps that you can take to protect your assets, contact the Tennessee estate protection attorneys at The Higgins Firm.

January 7, 2014

Organizing your Assets in a Digital World

by Ryan Simmons

More and more of our lives are spent connected to the internet. Whether we are listening to music on iTunes, browsing social media like Facebook, or even paying our bills online, so much of what we do these days is done online. Files, photos, music, and other things are no longer physically stored in a person’s home. Often these items are stored either on a website or “in the cloud.” We are truly living in a digital world. The repercussions of such can be felt in areas that you would not normally think about.

So exactly what happens when a person with digital assets is incapacitated or passes away? It is not as easy as boxing up and distributing someone’s things. It becomes complicated with online security protocol and trying to determine where certain items may be located. For those very reasons, there are a number of steps that you should take to better manage your digital assets.

Inventory your digital assets– Make a comprehensive list of all of your online accounts that may include your email, financial accounts, social media, online business accounts. Be sure to include your username, password, and any other required answers to security questions. Also, you should include information for your digital devices like a smart phone, tablet, or computer.

December 31, 2013

Estate Planning Resolutions for 2014

by Ryan Simmons

As 2013 comes to a close, many people will be looking beyond into 2014 for a fresh start. Many of those may be looking to accomplish bigger and better things. As a result many people will look to set New Year’s resolutions or goals to accomplish during 2014. So many resolutions require a large amount of planning and effort. Some popular New Year’s resolutions typically include getting into shape, eating better, or being more frugal. However, one of the more important resolutions that you can make is developing your estate plan. The good news is that developing an estate plan does not require a great deal of time or expense. Creating your estate plan can end up being one of your easier resolutions while also being one of the more important decisions that you can make.

You may be wondering what exactly is involved in developing an estate plan. An estate plane can involve a number of different aspects to make sure that your wishes are carried out if you were ever unable to make those decisions. One of the most important pieces of an estate plan is a last will and testament. A will in its most basic form designates where you want your assets to go upon your death. However, a will can include much more than the distribution of your assets. A will can allow you to specify a guardian for any minor children, set forth specific gifts to certain individuals, or even designate your wishes regarding your remains.

Another important piece of estate planning is a health care directive. A health care directive is a legal document that sets forth your wishes for your care in the event that you are unable to make a decision for yourself. There are number of different documents that can be considered a health care directive including a living will, a power of attorney, or an appointment of a health care agent. While each of these documents serves a different purpose, they each allocate the decision making authority regarding your health care treatment to another person if you are incapacitated.

December 17, 2013

Updating your Estate Plan After a Divorce

by Ryan Simmons

Although the number of divorces throughout the country have risen over time, the process certainly has not become any easier for those who have to endure it. The effects of a divorce can be long lasting and far reaching even affecting areas that you would not immediately think of, like an estate plan. If you have recently gone through a divorce, the last thing that you want to think about is dealing with any more documents. However, it is important to update the documents that comprise your estate plan following a divorce. If you have questions regarding an update to your estate plan, contact a Tennessee estate planning attorney at The Higgins Firm.

There are a number of documents that a divorce can affect. You should be sure to update all of your financial and legal documents to reflect your new status. Some of these changes can be as easy as changing a name or an address while others may be a little more involved.

Update Your Will

December 10, 2013

Importance of Estate Planning Documents

by Ryan Simmons

I recently appeared on WSMV’s Better Nashville to talk about the importance of having certain estate planning documents including a will, power of attorney, and living will. You can watch the segment below. If you have questions regarding any of these important legal documents, be sure to contact the Nashville wills attorneys at The Higgins Firm. We would be happy to answer any questions that you may have regarding these estate planning documents.

December 3, 2013

Ensuring that your Estate Plan is in Order

by Ryan Simmons

You have probably heard about the importance of having an estate plan set up for you and your family. An estate plan consists of a number of legal documents to ensure that your affairs and assets are handled if you are ever unable to do so. One of the most important documents of an estate plan is a will. In its most basic form, a will instructs the probate court how to distribute your assets or possessions that have not already been predetermined by an ownership designation or beneficiary.

It is important to understand that there are a couple of limitations that a will may have in attempting to distribute assets according to your wishes. Both beneficiary designations and joint ownership of assets will supersede any instructions left in a will. These designations can affect where certain assets go upon a person’s passing.

When a beneficiary is listed on an account, whether that may be life insurance proceeds, annuities, retirement plans, etc., those specific assets in the account will be distributed to the named beneficiary of the account rather than anyone listed in the will. For example, if you have listed your daughter as the beneficiary of your life insurance proceeds and listed your spouse as the sole beneficiary of your will, any life insurance proceeds would be distributed to your daughter because she was listed as the beneficiary. You should understand that although you may have listed someone as a beneficiary of your will, that individual may not recover everything if there are designated beneficiaries on accounts.