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Office Location

  • Memphis Office

    Address

    1715 Aaron Brenner Drive
    Suite 450
    Memphis, Tennessee 38120

    Phone

    901-755-0199

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Reviews and Ratings

  • google
    5.0/5.0

    The office of Parham Estate Law was essential in setting up my father's Estate Planning and Trust. Mike Parham and his team presented a high caliber of personable professionalism and spent quality time listening and learning about my fathe...
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    — Steve Ramage

  • google
    5.0/5.0

    Estate planning was not something we wanted to do. Due to circumstances, we did it out of necessity. At the Parham Estate Law office, the process was explained to us and he walked us through the steps. He was patient and considerate. ...
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    — Joy Taylor

  • google
    5.0/5.0

    Very professional law firm! They took care of all our Estate Planning needs and would highly recommend them to anyone!

    — Carol Shelton

  • google
    5.0/5.0

    Mr. Parham is extremely professional, knowledgeable, and personable. He provided my family with exactly what was best for us, and I will definitely retain his services again.

    — Roland Scruggs

  • google
    5.0/5.0

    Mr. Parham helped me drawing up some documents. He is efficient and professional. Had a great experience working with him and his staff and will recommend him highly.

    — Mashhud Mirza

Tennessee residents who need to decide between a revocable trust and a will need to consider what they wish to accomplish with the document. Many people who opt for revocable trust feel that it provides them with a variety of advantages that a will cannot match.

No probate necessary

Probate court is where the official distribution of property included in the estate of a deceased person takes place when a will is left behind. Probate also becomes relevant for individuals who leave no instructions regarding what happens to their possessions after they die. Revocable trusts make the probate process unnecessary because the ownership of the property belongs to the revocable trust, and this fact remains unchanged after the death of the asset holder.

Private proceedings

Once a will is submitted, it becomes a matter of public record. Anyone with curiosity regarding assets and beneficiaries named in the document can satisfy their need to know by taking a trip to the courthouse. On the other hand, no one but beneficiaries and some heirs of the beneficiaries will receive information regarding a revocable trust.

Provides for the possibility of incapacitation

The benefits of a revocable trust extend further than the death of the asset holder. The documents in a revocable trust can also provide specific instructions for how a trustee will handle the affairs of a person who becomes incapacitated for any reason. There is no property transfer when the asset holder is incapacitated; the trustee simply takes over the management of the assets for the asset holder.

A will contains no provisions to address the incapacitation of the asset holder. The loved ones of this person will typically need to go through the court system to have a conservator or guardian approved.

It is only natural for individuals to become concerned with the well-being of loved ones when considering the end of their lives. A properly planned estate will help ensure that the financial needs of the people who mean the most to the asset holder are taken care of. An attorney familiar with the estate planning process may assist individuals who need to draft or update an estate plan.