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    • Home
    • ELDER LAW
      • Elder Law
      • Medicaid Planning
      • Medicaid Trust Planning
      • Qualified Income Trusts
      • Elder Law Resources
    • Conservatorships
      • Conservatorships
      • Power of Attorney
      • Questions and Resources
    • Estate Planning
      • Estate Planning
      • Wills
      • Trusts
      • Power of Attorney
      • Advance Directives
      • Special Needs Children
      • Estate Planning FAQ's
    • Probate
      • Probate in Tennessee
      • Tennessee Probate FAQS
    • About Us
      • Principles
      • Meredith Silva
      • Testimonials
    • Contact
    • Booking Page
    • Blog
    • CRIMINAL LAW
      • Criminal Law
Silva Law

615-258-5541

  • Home
  • ELDER LAW
  • Conservatorships
  • Estate Planning
  • Probate
  • About Us
  • Contact
  • Booking Page
  • Blog
  • CRIMINAL LAW

Frequently Asked Questions

What is Estate Planning?

If I am not wealthy do I need an estate plan?

If I am not wealthy do I need an estate plan?

 Estate planning is the process of anticipating and arranging for the management and disposal of your estate during your life, as well as at and after death. A will, a power of attorney and healthcare power of attorney are part of the estate plan. Depending on the complexity of the situation, an estate planner might use other tools such as trusts, to accomplish your estate planning goals.



If I am not wealthy do I need an estate plan?

If I am not wealthy do I need an estate plan?

If I am not wealthy do I need an estate plan?

 Yes, having an estate plan is important for everyone.  While very wealthy individuals use estate planning to avoid tax, most clients that do estate planning do not have tax concerns.  There are many important reasons for estate planning that include:

  • Passing property to intended beneficiaries.   If you do not have a will, your property will pass to individuals based on state law, instead of based on your wishes.  Even if you told someone that you wanted them to have your property, that will not matter unless you have a properly drafted and executed will.
  • Alleviate the burdens of surviving family members.  It is not unusual that an estate is significantly drained by legal fees due to conflicts caused from the lack of or improperly drafted or "internet" estate plan. The best way to avoid the conflicts and the financial burden that comes along with that is to have a solid estate plan drafted by an experienced attorney.
  • Protect the estate assets from unintended recipients. Proper estate planning can prevent your assets from getting into the hands of creditors or divorced spouses.  
  • Protect heirs with special needs.  If you have an heir that has creditor problems, substance abuse, health or mental health struggles, a trust can designate how and when the heirs receive their funds.
  • Nominating who will raise your children. A will is the legal document in Tennessee in which you designate who you would like to be the guardian of your minor children should you pass. Without a will, the Court will be without your input and decide on their own accord.

Is it better to have a will or a trust?

If I am not wealthy do I need an estate plan?

What is a pour-over will and what are it's benefits?

  Wills and trusts serve different purposes.  It is best to meet with an estate planning attorney for a consultation so they can discuss your needs and advise you on the best planning documents to meet your goals and objectives. 

What is a pour-over will and what are it's benefits?

What is the difference between a revocable and an irrevocable trust?

What is a pour-over will and what are it's benefits?

A pour-over will a planning tool used in conjunction with a trust.  It is a will designed to "pour-over" or automatically transfer remaining assets into an already established trust upon your passing.  Since having assets in a living trust avoids probate of the property with which they are funded, any property not funded in your trust will require probate when you die.  A pour-over will acts as a safety net to capture property that wasn't funded in the trust upon your passing.

What is the difference between a revocable and an irrevocable trust?

What is the difference between a revocable and an irrevocable trust?

What is the difference between a revocable and an irrevocable trust?

 A Revocable Trust can be changed or revoked by the Grantor during the grantor's lifetime. A Revocable Trust gives the Grantor flexibility should needs, goals or situations change. However, a Revocable Trust offers less protection against creditors. An Irrevocable Trust cannot be changed or revoked. Once an asset is transferred to an Irrevocable Trust, the Grantor is usually unable to change the terms of the Trust.  Assets in an Irrevocable Trust are usually not available to creditors, and assets placed in the trust within a certain time frame are not considered an available resource to Medicaid and thus are protected. 

What assets should not be included in a living revocable trust?

What is the difference between a revocable and an irrevocable trust?

What is the difference between a revocable and an irrevocable trust?

 Some assets that are not appropriate to place in a revocable living trust include:

  • Qualified retirement accounts such as 401(k)s and IRAs
  • HSAs and medical savings accounts
  • Uniform Transfers or Uniform Gifts to Minors
  • Life insurance (except when owned by an Irrevocable Life Insurance Trust)
  • Motor vehicles

This website is for informational purposes only. Using this site or communicating with Silva Law Group through this site does not form an attorney/client relationship.  This site is legal advertising.


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