Financial planning is an excellent tool for managing your wealth and mapping your future. It is also a tool that you can use to care for your entire family. By incorporating smart financial planning into your will, you can ensure that the wealth you have accumulated goes to your family members.
Most people think of wills as documents that are meant to distribute property after someone dies. That is indeed one important aspect of a will, but there is another that many people have never thought about: The ability of a will to determine how your child will be cared for after you are gone.
It is not a subject that most people in Tennessee like to discuss or in general think about, but at some point in time it's an unfortunate fact that everyone will die. People die at all different ages and at different stages of life. Some die after living a long life, some die younger while they are still raising young children. However, in both situations people generally leave behind loved ones. Most people want to make sure that their property ends up in these loved ones hands.
During a marriage, a couple purchases and acquires many assets together. They may purchase homes and other property, grow 401(k)s and other retirement accounts, have investment accounts, grow bank accounts, purchase vehicles, household goods and many other things. To ensure these assets stay within the family when they die many people also draft wills which give all these assets to their spouse if the spouse survives them.
While death is a guarantee for everyone in Tennessee, most do not really think about it until it becomes imminent. There are way too many things to think about in one's daily life to worry about what is going to happen when one dies. However, people also cannot take their possessions with them after they die either. Everything one owns will end up in the hands of another person. The law states who will receive people's possessions, if they do not have a will directing where the belongings should go.
Contrary to what you might think, no, a holographic will is not a device from a sci-fi film or novel, rather it is the term used for a will that was hand-written, not formally typed up. Laws vary by state, with about half the states in the United States, including Tennessee, allowing holographic wills to hold up in court. That is not to say that any document with a person's wishes on them will work.
There are a few certainties in life. You know the sun will rise every morning and set every evening. You know that income taxes are due every year, property taxes due every quarter. One thing in life you do not know is when your time is up. While many Americans, including those from Tennessee, enjoy long fruitful lives, sudden accidents, injuries or illnesses can strike anyone at any time, without notice. This is why it is important to have a will.