Nashville Revocable Trust Attorney

Nashville Revocable Trust Lawyer

A revocable living trust is one of the more commonly used types of trusts. Trusts are a crucial part of comprehensive estate planning, helping you protect your assets from probate court and the public eye while saving your loved ones time and stress. A revocable trust may provide you with the additional asset protection you need. An experienced Nashville revocable trust attorney can help you create a trust that supports your estate planning goals now and into the future.

A trust enables you to place your assets in a legal entity, avoiding state jurisdiction after you die. Your beneficiaries can receive their inheritance right away rather than waiting for the process of probate to close the estate. A trust also keeps your estate and its distribution private. There are several benefits to using a trust or trusts within your estate plan, but those benefits only exist if the trust is valid and enforceable. The right attorney can help with this.

Nashville Estate and Trust Planning with Emmack Probate and Estate Law Group

A trust is a complex part of an estate plan, and your attorney needs experience in establishing trusts. Emmack Probate and Estate Law Group, has years of experience drafting, establishing, and modifying trusts. She understands how to tailor a revocable trust to unique and complex assets, to your goals, and to the needs of your beneficiaries. Shanone Emmack can help you create a trust that integrates seamlessly with the rest of your estate plan.

If you create a trust without legal counsel, it is less likely to be enforceable. An invalid trust results in the assets ending up in probate court and potentially distributed by intestate succession law. By working with a professional like Shanone Emmack, you can avoid this and create an enforceable and effective document.

The Differences Between Irrevocable Trusts and Revocable Trusts in Tennessee

The main difference between a revocable trust and an irrevocable trust in Tennessee is that revocable trusts are much easier to modify, amend, and revoke. While an irrevocable trust can be modified, it is much more difficult to do so. A revocable trust can also have you, the creator or grantor, named as the trustee, while an irrevocable trust cannot.

The Basics of a Revocable Trust

A revocable trust is also called a living trust. You can name yourself or another trusted individual as the trustee in a revocable trust. If you name yourself as the trustee, you should name a trusted individual as the successor trustee, as they will be responsible for the administration and management of the trust after your death. The trust holds assets from your estate and names beneficiaries for those assets. When you are the trustee, you have complete control over the assets.

Because it is a revocable trust, you have control over whatever modifications you wish to make to the trust, including assets, beneficiaries, and successor trustees. You can also revoke the trust at any time. A revocable trust does not avoid estate taxes if they apply, nor does it protect assets from creditor claims. However, it does keep the estate out of probate. The expenses of probate can significantly affect the value of an estate and limit the benefits your heirs receive.

Once you pass, the revocable trust becomes irrevocable. The trustee is responsible for the administration of the trust, including settling debts of the estate and distributing it according to the terms of the trust.

What Are the Rules for a Trust in Tennessee?

The rules for a trust in Tennessee are as follows:

1. The grantor intends to create a trust and has the capacity to do so
2. Funding or assets and property are transferred into the ownership of the trust
3. Has named beneficiaries for the assets, or is a charitable trust
4. Includes a named trustee and/or successor trustee with duties to perform
5. A single individual is not the sole beneficiary and sole trustee

The trustee has a fiduciary duty to the beneficiaries of the trust.

Benefits of a Revocable Trust

There are several advantages to using a revocable trust in your estate plan. Some of these may include:

1. More Control: Revocable trusts give you a lot more control over the assets within a trust than an irrevocable trust. In a revocable trust, you can amend or revoke the terms of the trust. This includes the assets in the trust, the beneficiaries, and the trustee or successor trustee. If your life circumstances shift, and you need access to certain assets in the trust or no longer want someone in your life to benefit from the trust, you can change that relatively easily.
2. Avoiding Probate: This is a benefit of any type of trust. Both irrevocable and revocable trusts keep the assets in them from entering probate court. This means the assets can be transferred to their beneficiaries outside of court and more quickly. This saves your beneficiaries time, frustration, and money.
3. Privacy: Trusts keep your estate and its beneficiaries more private than when it passes through probate. You have control over the persons and entities that know about the contents of the trust.

There are several other benefits to creating a trust and to selecting a revocable trust, depending on your specific situation.

Drawbacks of a Revocable Trust

There are some disadvantages to revocable trusts. The primary disadvantage of revocable trusts compared to irrevocable trusts is the lack of protection for the assets. This includes protection from creditor claims after death, claims from lawsuits or creditors during your life, and certain taxes. A revocable trust does not prevent these claims and taxes from affecting the estate.

Additionally, either type of trust can be costly in Nashville. It is a significant investment to establish a trust, and a revocable trust may not have the same financial benefits as an irrevocable trust, although it does avoid the costs of probate.

An attorney can walk you through the positives and negatives of establishing a revocable trust compared to beginning an irrevocable trust or simply creating a will. The estate planning documents that are most effective will rely on your unique assets, your familial situation, and many other factors.

Preserving Your Legacy with Estate Planning in Nashville

A revocable living trust can protect your estate and your loved one’s interests. If you are uncertain which type of trust is ideal for your estate plan or need legal assistance drafting a legally valid trust, contact Emmack Probate and Estate Law Group. They can help you understand the uses of these trusts for your beneficiaries and assets.