Making important legal and financial decisions for the future is not easy. Often, a Tennessee adult may be unsure of where to start with this process or if it's even necessary. In reality, estate planning is a smart step for virtually everyone, regardless of age, health status or income level. Making smart choices now can allow a person to look to the future with confidence.
It's important for Tennessee adults of all ages and income levels to consider how they can protect their future interests and the interests of their loved ones. One smart way to do this is through specific estate planning steps, such as drafting a will or forming a trust. However, it's also smart to think carefully about how certain assets included in the estate are labeled and categorized as this can affect how the estate plan is executed in the future.
No matter how old a person is or his or her income level, it is important to think about the future and make plans for contingencies. Through estate planning, a person can decide what will happen to his or her estate, leave specific things for beneficiaries, and even plan for health care needs in the future. However, certain common misunderstandings about estate planning can leave a person without the protection he or she needs.
When people think of a power of attorney, their mind often jumps to medical care. Healthcare powers of attorney are a common—and valuable—estate planning tool. However, there are many kinds of powers of attorney that individuals can use.