Glen Campbell Last Will and Testament Dispute Shows Importance of Transparent Estate Planning
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
Music legend Glen Campbell, who passed away last year after a lengthy and public bout with Alzheimer’s Disease, has been nominated posthumously for a Grammy award for his song, “Arkansas Farmboy.” But sadly he is in the news now for a very different reason: a family legal battle over his estate. A Nashville court hearing scheduled for February will address whether a 2006 Last Will and Testament left by Campbell is valid, in light of his mental capacity at the time, or whether a previous will is the lawful expression of his last wishes. Sometimes, family disputes over a loved one’s estate plan ..read more
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How Much Should it Cost to Prepare a Will Tennessee? Four Things to Consider…
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
How much should you expect to pay to have your will or other estate planning documents put in place? As you might expect, that will depend on the nature of your estate planning needs, and the nature of the law firm you retain. Because the fee can vary greatly among legal service providers, it makes sense to obtain quotes and make inquiries from multiple law firms in your area before hiring an attorney. But know that the cheapest quote on a will is not necessarily the best deal; nor is it necessarily the best way to save money for yourself and ultimately your heirs. Here are four things you sho ..read more
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Why the Best Time to Put a Power of Attorney (POA) in Place is Now
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
A General Durable Power of Attorney is one of four basic estate planning documents I recommend for every client, along with a Last Will and Testament, a Living Will, and a Health Care Power of Attorney. They often ask, “Why do I need a Power of Attorney (POA)? I have all my faculties and am perfectly capable of taking care of my own affairs.” The answer is: that’s exactly the best time to execute one. Through a General Power of Attorney, you authorize one or more individuals to step into your shoes and take action on your behalf, in your place, as your agent, or “attorney-in-fact.” What can an ..read more
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6 Reasons Why You Need a Will (and 2 reasons why you shouldn’t wait)
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
Procrastination is one of the biggest hurdles we all face in getting our estate planning done. Most Tennesseans know they need a will and other coordinated documents in place. We intend to get to it at some point, but feel too busy, or lack the pressing motivation, to contact an attorney and complete this essential life step. Some people even mistakenly believe they have no need for a will, maybe because they don’t own much, or because their “kids will get it anyway.” If any of that sounds like you, this post is written with you in mind. Here are six (6) important reasons why you need a w ..read more
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What Assets are Really Held in My Revocable Living Trust?
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
A Revocable Living Trust is a common and popular tool of estate planning. As opposed to trusts that are created in a will and take effect after a person’s death, a living trust is created by a person (called the Grantor) during their life. The trust can own any of their assets; it names a trustee to handle the trust (including often themselves), as well as subsequent trustees to manage the estate if they are unable. The trustee is typically granted broad discretion to use trust assets for the benefit of the Grantor. Then, after the Grantor passes away, the trust names a tru ..read more
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(Why) Do Millennials Need Estate Planning?
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
Most estate planning clients are either retired, elderly folks who are thinking about how to best leave their assets to their adult children and grandchildren, or are middle aged married couples making sure they have the right plan in place in case they pass away unexpectedly and leave minor children behind. Naming a guardian for the children and a trustee to administer a trust allows them to make those decisions, instead of a judge. The age group least likely to have a will or estate plan in place? Millennials. And that makes sense. After all, young people have on average longer to live ..read more
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Carrie Fisher/Debbie Reynolds Scenario: What Happens if my Heir and I Die Days Apart?
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
We were all shocked and saddened when film star Debbie Reynolds passed away just one day after her daughter, actress Carrie Fisher. Not only is it an extremely emotional time for the family, dealing with two deaths at the same time can complicate inheritance questions. For example, what if Ms. Fisher’s will left half of her estate to her mother, Ms. Reynolds, and the other half to her daughter, Billie Lourd. Since her mother died the next day, who should receive her share of Ms. Fisher’s estate? Should the mother’s will determine where it goes? Or should Ms. Fisher’s will? What if neither of t ..read more
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Resolve to Secure Your Estate Plan in 2017
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
It’s January! New Year’s resolutions are in full swing. We are collectively hitting the gym and committed to our diets (for now). Here is another resolution you might want to consider: let 2017 be the year you (finally) get your estate plan in order. Most of my will clients tell me they have been intending to prepare their estate plan for months, even years. It’s just not the kind of thing that we often have time to put on the front burner. In fact, surveys consistently show that more than half of American adults do not have a will or other estate plan in place. This is true even though s ..read more
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The Holidays are a Great Time to Get Your Estate Plan in Order
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
Are you one of the 55% of American adults who do not have a Last Will and Testament in place? Or did you prepare yours years ago and need to revisit your estate plan? If so, the holidays can be a great time to get your affairs in order. The end of the year can be a time of reflection, an opportunity to spend quality time with family and those closest to us. The holidays also inspire us to think clearly about our priorities, what is truly most important in life. It can be the perfect time to contemplate some of the central questions that a proper estate plan raises. Who would you want ..read more
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How Do I Protect My Copyrights Through Estate Planning?
Tennessee Estate Law Blog – Estate Planning
by Don Byrd
3y ago
A Last Will and Testament is, of course, important to make sure that after you pass away your assets are distributed according to your wishes. But an important and often overlooked element of a proper estate plan is identifying those assets in the first place. When it comes to intellectual property – copyrights, trademarks, patents, trade secrets – knowing just what you own and the best way to protect those assets for your heirs requires an extra level of planning. Here in Nashville (Music City, U.S.A.), clients have often written and/or recorded songs. Maybe they have valu ..read more
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