Understanding Estate Planning: What You Need to Know

Understanding Estate Planning: What You Need to Know

by | Sep 24, 2025 | Estate Plan, Heirs and Beneficiaries, Last Will and Testament

Knowing a few common terms can go a long way in understanding estate planning. For example, if you’re unsure what a trustee and an executor are, you won’t know who to choose for each (very important) role. 

Let’s dive into some estate planning basics!

Common Estate Planning Terms

Planning for your estate after death helps secure the future of your assets and helps you figure out what you want and how to accomplish it. Creating an estate plan gives you peace of mind that your wishes will be respected upon your passing – even if your loved ones may be unhappy about it.

An estate plan can also reduce tax obligations for your family and prevent or minimize family conflicts. A will is a significant part of the estate planning process. Wills outline how you want your assets to be distributed, who should take care of any dependents, and who will carry out your wishes. 

When learning about estate planning, there are some terms you’ll need to know, including:

  • Probate –  the court process that validates wills and administers the estate
  • Executor/Executrix – the person named in a will to manage estate assets
  • Trust –  a legal tool used for managing assets, often in order to avoid probate 
  • Trustee – the person named in a trust to manage trust assets
  • Intestate succession – a situation where no will exists, and heirs are determined by state law
  • Personal Representative – the person who administers an estate (this is the umbrella term used in Tennessee for executors, etc.)
  • Guardian – a person who is named to oversee the needs of a minor child 
  • Beneficiary – someone who is specifically named to inherit 
  • Heir – someone who inherits based on their family relationship

Understanding these terms will help you make decisions that protect your legacy.

Creating a Will and Trust

Creating an estate plan can involve the use of wills and trusts. 

A will outlines how you want your assets to be distributed after death, who should take care of your children, and who will handle the administration of your estate. However, the purpose of a will is to go to probate. When drafting a will it’s crucial to consider factors such as family dynamics, non-probate assets, and the potential for disputes. 

On the other hand, trusts provide added benefits like privacy and flexibility. When well-funded, it bypasses the need for probate proceedings. Even without lots of funding, trusts enable you to better control how your assets are managed during your lifetime and after you pass away. 

Whether you choose to have a will or trust is a personal decision, but setting up a trust can offer advantages such as increased control over asset distribution, continuity in managing your estate affairs, and potential tax benefits. Sometimes, it’s a good idea to have both!

Appointing Executors and Trustees

If your estate plan involves a will or trust, it is crucial to appoint executors and trustees. 

An executor (or personal representative) is responsible for carrying out the terms of the will. For example, an executor must distribute assets and handle obligations during the probate process. It is important to choose someone with integrity, conflict-resolution skills, and financial knowledge. Since you won’t be there to smooth out any disputes that arise, choosing a capable peacemaker is a must.

Trustees, on the other hand, oversee trusts. They ensure that assets are managed according to your instructions for the benefit of beneficiaries. It is advisable to select a trustee with expertise in finance who’s committed to fulfilling your wishes. In other words, pick someone you can trust as your trustee. 

Good options for executors or trustees may include attorneys or financial institutions, since they are generally impartial and have specialized knowledge. By ensuring reliable individuals or entities fill these roles, you can safeguard your intentions for properly managing your estate.

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What Happens When You Aren’t Clear About Your Wishes?

What Happens When You Aren’t Clear About Your Wishes?

by | Sep 3, 2025 | Elder Law, Estate Plan, Family, Heirs and Beneficiaries, Last Will and Testament, Money, Probate, Trusts

When you aren’t clear about your wishes, you leave a blank space for your loved ones to try to fill in. This can be incredibly stressful to them – even if you’ve expressed your wishes to them but didn’t write them down – so it’s important to know your wishes ahead of time. Learn what could happen to you if you don’t make your wishes known.

What Happens if You Become Incapacitated in Tennessee?

If you become incapacitated in Tennessee (a temporary coma, for instance,) and have no medical power of attorney set, your loved ones may have to go to court and then a judge will decide who can make medical decisions for you if you’re unable to communicate your wishes.

Trying to determine your wishes after you can no longer express them can be an extremely stressful time for your family, which is why it’s so important to communicate your wishes ahead of time, just in case anything happens to you.

What Happens if You Die without a Will or Trust in Tennessee?

If you die without a will, that is called “intestate.” This means that whatever inheritance you leave behind, including your property, is subject to Tennessee intestate succession laws. Intestate laws typically leave your property to your surviving spouse and/or children, but parents, siblings, nieces, and nephews could become eligible too.

Here’s a quick breakdown of what would happen in Tennessee if you are married or have children:

  • If you have a spouse but no children, the spouse would inherit your entire estate, even if you’re separated. 
  • If you have a spouse and children, the estate would be divided equally among all parties (except that the spouse can receive no less than 33% of the overall estate).
  • If you only have children, your estate would be split equally among all the children.

Keep in mind that only your biological and adopted children will inherit from you if you do not have a will. If you would like to leave part of your estate to step-children, foster children, godchildren, or other children who are close to your heart, you’ll want to make plans for that in your will or through non-probate beneficiary designations. 

Here’s what would happen if you died unmarried and without children:

  • If you have a parent, the entire estate would go to your parent(s).
  • If you have sibling(s) but no living parents, the estate will be split equally among your siblings. 
  • If you have no parents or siblings, the estate will be split equally among your siblings’ children.
  • If you’ve none of the above, the estate would be split equally among paternal and maternal aunts and uncles. 

You don’t have to die to see how this one might end if you don’t write your decisions out!

Who Makes Funeral Decisions if You Die in Tennessee?

Similar to the above, if no one has been legally designated to make funeral decisions on their loved one’s behalf, it falls to the next-of-kin, which would be the spouse or adult children. Once the family member takes responsibility for making and paying for their loved one’s funeral arrangements, they sign a legal contract that obligates the funeral home to follow instructions from that family member alone. 

Make sure you tell your family what you want so there’s a consensus during a difficult time..

What if there are no next of kin?

If there are no next of kin (as defined above) and no personal representative, any other person willing to assume responsibility and arrange the funeral (including the funeral director) can make funeral decisions, after attesting that a good faith effort has been made. As for your estate, if no family can be found it will ultimately be turned over to unclaimed property.

Don’t leave a blank space for your family members to fill in regarding your end of life wishes. Don’t keep them second-guessing. Instead, leave something that people can read like a magazine to know what you want your life – and death – to be like. 
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