Many estate planning tools available to use | Tennessee Estate ...
Trustees have some of the most important duties in estate planning. The duties to the trust and the beneficiaries are often extensive and include the requirement to act in good faith for the benefit of the trust. When a person begins the estate planning process, they must choose carefully the person or organization they wish to have act as a trustee.
In estate planning there are many tools at the disposal of a Tennessee resident working to create a plan for their heirs. A will can be used to create a trust that will secure money for the future for children or other heirs who may need to wait before assets are distributed. In a trust, the money is under the control of the trustee until the time specified for the disbursement.
A trustee can hold the money left to a beneficiary until they reach a certain age in some cases. In other trust documents, the trustee is directed to distribute assets for the care and maintenance of beneficiaries. There are many different scenarios for trusts and beneficiaries.
As a person begins estate planning, they must consider all of their wishes for the distribution of their assets after death. If there are young children, there may need to be a guardian named, as well as a trustee for the financial assets. Without a trust and other estate planning tools, a Tennessee court may be asked to create a conservatorship for minor children at the time of the death of their parents. A person considering estate planning will likely benefit by reviewing all of the tools available as they work to make the best possible decision for the future of their beneficiaries.
Source: The Missourian, "Common Estate Planning Mistakes Failure to Use Testamentary Trusts," Walter A. Murray Jr., March 28, 2012
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