who is a good trust attorney in athens tn

Can a living trust be contested in Tennessee?

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What are the pros and cons of living trusts?

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Who is the trustee of a trust called?

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Do living trusts avoid conservatorships?

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Why do you need a living trust?

The most important reasons for having a living trust include: You own property in another state. You are concerned that you might become disabled and that, as a result, you will be subject to undue influence. You want to create other trusts inside your living trust that do not require court supervision.

What is a trust?

A trust is a legal way of holding, managing and distributing property. Every trust must have four elements: There must be someone who creates the trust, who is often called the "trustor" or the "grantor.". There must be assets, usually called the trust "corpus.". There must be someone who holds, manages and distributes the assets, ...

What happens to a trust when the trustor dies?

Consequently, when the trustor dies, this probate asset becomes subject to probate. His estate winds up in probate court anyway.

Is probating an estate expensive?

According to a study conducted by the AARP, most persons who attend these seminars are elderly or retired. These salespeople say that probating an estate—the court-supervised procedure for administering the assets of a deceased person—is expensive and time-consuming and exposes your private affairs to public view.

What is durable powers of attorney?

That’s what durable powers of attorney are for, which are much less expensive and easier to use. Some salespeople sell living trusts so they can learn what assets you own. These people will try to sell you an annuity or other financial products. They actually sell financial products for a living, not living trusts.

Is probate a big deal in Tennessee?

For most estates in Tennessee and in many other states, probate is no big deal. It goes quickly, is private for the most part, and does not cost much money.

Is a living trust more expensive than a will?

Living trusts are much more expensive to set up and maintain than a will. Probate can often be avoided without using a living trust, by setting up "payable on death" accounts, making beneficiary designations, holding assets jointly, etc.