Estate Planning Attorneys in Memphis, TN
Estate planning is the legal process that allows you to protect your assets, your family and the legacy you want to leave after you die. With the support of a Memphis estate planning attorney, you can create documents to address emergencies and your legacy.
Estate planning may involve the creation of a will or a trust. You can also create powers of attorney and an advance health care directive. The guidance of a Memphis estate planning lawyer helps ensure that your documents prioritize your specific estate planning goals. Our team at Crislip Philip offers comprehensive estate planning services backed by over 75 years of combined legal experience.
Why Is Estate Planning Important?
You and your loved ones need protection. Estate planning can provide you with many benefits, including:
- Protection for your family: If you have minor children, you can name a guardian for them in your will. You can also arrange for your loved ones to receive specific assets from your estate.
- Protection for your resources: Trusts and other forms of asset protection planning can keep your assets out of probate court. You can protect them from claims after you die and even litigation while you are alive.
- Support in emergencies: You can plan for incapacity. Naming an agent and clarifying your wishes now can protect you later.
Taking control of your legacy and planning for the support of your loved ones can also give you lasting peace of mind.
Our Memphis Estate Planning Services
Some other documents that should be considered in estate planning, which our firm can assist you in preparing:
Wills
A written document for the distribution of the deceased’s property.
Living wills (advance care directive)
Authorizes another individual to make medical/health care decisions for you if you become incapacitated and cannot make those decisions for yourself.
Durable power of attorney
Appoints an individual to make financial decisions if you become too ill to make those decisions on your own behalf.
Health care power of attorney
Gives authority to a person to make decisions regarding your health if you become too ill to make those decisions.
Revocable trusts
Allows the creator (grantor) of the trust to transfer title to his/her assets during their life into the name of the trust, while retaining authority and control over those assets for his/her remaining lifetime.
Special-needs trusts
This instrument is specially designed to maximize the assets for the benefit of a disabled individual without impacting government benefits.
Tax planning
Helps you ensure your wishes are complied with and that your loved ones are provided for.
Planning for minors/guardianships
Designates who you would want to care for and raise your child/children.
Probate
We assist personal representatives to ensure they comply with the law and the terms set in an estate plan. Navigating probate is easier with support.
Real estate property transfers
Executing a new deed can keep a home out of probate. We can also help you transfer ownership to a trust to protect your home.
Advanced care plans
Physicians and family members may not know your preferences. You can explain your wishes now to guide your care in the event of future incapacitation.
Small estate proceedings
When an estate contains less than $50,000 in assets, it qualifies for small estate proceedings. This process speeds up estate administration and limits total expenses.
Whatever your estate planning needs, failure to have an effective plan in place can result in many negative consequences, such as your assets not being distributed according to your wishes at the time of your death. Our assistance will remove this possibility. Your plan will be honored after you are gone. We also represent clients serving as personal representatives to estates going through probate.
Our Estate Planning Process
Estate planning doesn’t need to overwhelm you. Our estate planning process involves:
- Reviewing an inventory of assets
- Identifying needs and goals
- Drafting necessary documents
- Designating beneficiaries
- Reviewing and updating documents as necessary
The team at Crislip Philip is ready to serve as your Memphis estate planning lawyers.
What Is The Difference Between Estate Planning And Estate Administration?
Estate planning involves creating a strategy for distributing your assets during your lifetime and after your passing. Wills and trusts are common estate planning tools.
Estate administration, on the other hand, focuses on managing and settling an estate after someone has passed away. It can involve going through formal probate or other methods such as small estate proceedings.
Whichever of these two important and impactful processes you are navigating, having strong legal guidance can be invaluable. Our knowledgeable attorneys are fully prepared to assist you with your unique estate planning or estate administration needs.
Talk To A Memphis Estate Planning Lawyer Today
Don’t procrastinate when it comes to establishing an estate plan or preparing for the estate administration process. Contact the law firm of Crislip Philip for help. Call 901-201-5078 to reach our Memphis office.