Estate Planning in Tennessee: What Every Family Needs to Know
Why Estate Planning Matters for Every Tennessee Family
Estate planning isn't just for the wealthy—it's for anyone who wants to protect their loved ones and ensure their wishes are honored. Whether you're young, retired, or somewhere in between, having a solid estate plan can save your family emotional and financial distress down the road.
Key Components of an Estate Plan in Tennessee
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Last Will and Testament
A legally binding document that outlines how your assets should be distributed after your death. -
Trusts
Tools that help manage your assets during your life and after your passing, often used to avoid probate. -
Durable Power of Attorney (POA)
Appoints someone to manage your financial affairs if you become incapacitated. -
Advance Healthcare Directive
Allows you to outline your medical wishes and appoint a healthcare proxy. -
Beneficiary Designations
Ensure life insurance, retirement accounts, and other financial assets go to the right people.
Tennessee-Specific Considerations
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Probate laws in Tennessee can vary by county and estate size.
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Tennessee does not have a state estate tax, but federal estate taxes may still apply.
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The Small Estate Affidavit process is available for estates valued at $50,000 or less (excluding real estate).
Start Early, Update Often
The best estate plan is one created early and updated often—especially after major life events like marriage, divorce, or the birth of a child. Manson Johnson Conner offers comprehensive estate planning services tailored to Tennessee families.