wills Archives

Done writing your will? Don’t forget these 3 steps

Many people believe that once they have signed their will, the estate-planning process is completely finished. In fact, there are still a few important steps that you should take. Wills can sometimes omit important details that can create major headaches for your loved ones.

Update these 4 estate-planning documents after your divorce

Anyone who is going through a divorce knows that there are seemingly endless legal documents to revise. These can include the divorce agreement, the mortgage, insurance policies and many others. When you are updating your legal documents after a divorce, you would be wise to include your estate-planning documents.

What can my durable financial power of attorney do on my behalf?

The person you name in a durable financial power of attorney as your "attorney-in-fact" will have the power to make different financial decisions -- and carry out various financial tasks -- on your behalf. The attorney-in-fact, however, will only gain these powers in the event of your incapacitation -- i.e., when you become unable to carry out these tasks for yourself due to medical reasons.

How a will can keep your wealth in the family

Financial planning is an excellent tool for managing your wealth and mapping your future. It is also a tool that you can use to care for your entire family. By incorporating smart financial planning into your will, you can ensure that the wealth you have accumulated goes to your family members.

If you have children, you should have a will

Most people think of wills as documents that are meant to distribute property after someone dies. That is indeed one important aspect of a will, but there is another that many people have never thought about: The ability of a will to determine how your child will be cared for after you are gone.

What does a testamentary trust do for a family?

It is not a subject that most people in Tennessee like to discuss or in general think about, but at some point in time it's an unfortunate fact that everyone will die. People die at all different ages and at different stages of life. Some die after living a long life, some die younger while they are still raising young children. However, in both situations people generally leave behind loved ones. Most people want to make sure that their property ends up in these loved ones hands.

Does one need to modify a will after a divorce?

During a marriage, a couple purchases and acquires many assets together. They may purchase homes and other property, grow 401(k)s and other retirement accounts, have investment accounts, grow bank accounts, purchase vehicles, household goods and many other things. To ensure these assets stay within the family when they die many people also draft wills which give all these assets to their spouse if the spouse survives them.

Who will receive one's property if they do not have a will?

While death is a guarantee for everyone in Tennessee, most do not really think about it until it becomes imminent. There are way too many things to think about in one's daily life to worry about what is going to happen when one dies. However, people also cannot take their possessions with them after they die either. Everything one owns will end up in the hands of another person. The law states who will receive people's possessions, if they do not have a will directing where the belongings should go.

What is a holographic will?

Contrary to what you might think, no, a holographic will is not a device from a sci-fi film or novel, rather it is the term used for a will that was hand-written, not formally typed up. Laws vary by state, with about half the states in the United States, including Tennessee, allowing holographic wills to hold up in court. That is not to say that any document with a person's wishes on them will work.

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Law Office Of JAMES H. SNYDER, JR.

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