When formulating an estate plan in Tennessee, it should be tailored to reflect the circumstances. Not every situation is simple and for those who are worried about some prospective heirs, it might be wise to address that in the plan. To protect people from issues that could harm them, having an estate plan that accounts for that possibility could be an effective strategy.
Ways to ensure heirs are protected from known risks
There are many reasons why a person might want to take steps to shield heirs from themselves. It is also important to remember various misconceptions about estate plans and know they do not need to be followed. There is no law saying that it is required to split assets evenly when distributing them. People can completely leave a person out of their estate plan if they choose to. They can also leave more to one beneficiary than another. This is common if the heir is a risk to harm themselves and waste their inheritance. Disinheriting a beneficiary or leaving them less than others does not need to be permanent. Estate plans can be updated to account for changes.
People mistakenly think that they cannot have a say in their estate plan after they have passed on. However, through a trust, it is possible to insert stipulations such as requiring a beneficiary to remain free of drugs, to attend a school or to adhere to specific requirements to get their share. Trusts are frequently avoided due to perceptions about their complexity. It requires more attention than a will or other estate planning strategies, but it can still be useful and provide for loved ones in the way the person intends.
Estate planning options can address specific situations
It is not uncommon for people to be irresponsible, to have addictions and to suffer from mental illness among other challenges. To provide for beneficiaries who are confronted by these problems, it can be imperative to have an estate plan that directly addresses these factors. Having comprehensive guidance throughout the process can be critical to achieving the desired outcome.