With the start of a new year, Tennessee residents are thinking about their resolutions and how they can set goals for improvement in various areas of their lives. One way they may want to do this is by making a resolution to have all of the legal and financial protection they need in place. Estate planning is a practical way to plan for the future and plan for the care of loved ones down the road, but many people neglect to make or review their plans.

It may be helpful to resolve to go over plans and make any additions early in the new year. Political shifts can affect everything from long-term savings to tax laws, and it's best to avoid unnecessary complications that can come with these changes. It may also be helpful to look over estate planning mistakes common in previous years so as to avoid those missteps as well.

Another positive resolution is to take steps to review trusts and set up any necessary trusts. A trust sets aside and protects certain types of assets for a specific use. These are helpful tools and can protect the interests of beneficiaries when used the right way. A review of assets and goals can determine what types of trusts may be beneficial for a Tennessee estate.

Estate planning can be a daunting prospect, and this may be one reason why some people neglect to move forward with this step. Starting with an assessment of the estate, finances, asset holdings and objectives for the future, an experienced estate attorney can explain what legal protections may be helpful. Adults of all ages and income levels will find it beneficial to consider including estate planning goals in their resolutions for 2020.

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