Wills

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During our estate planning consultation, Attorney Meredith Silva will discuss your family's unique financial and personal situation and develop the best estate plan for you.  A will is a document typically discussed when creating or updating an estate plan.  A will acts as a guideline of your wishes for what should happen to your assets and other belongings upon your passing.  During your estate planning consultation with Silva Law, we will discuss whether a will is a sufficient mechanism to protect and pass down your legacy to your loved ones or whether we would recommend a  trust, which can provide additional protections and benefits.  Below are some of the benefits of having a will.

1. DECIDING WHO INHERITS YOUR ASSETS.   If you don't have a will, upon your passing, your assets will be distributed to your heirs according to the laws of intestate succession.  In other words, you assets will not be distributed in the manner of your choosing but rather by the laws written by the government.
2. NAMING GUARDIANS FOR MINOR CHILDREN.  If something was to happen to you, who do you want to nominate to have custody of your children?  In Tennessee, the way to indicate who you would want to have custody of your children should you pass is through a will.  Many times seniors make it a priority to draft a will, but at Silva Law, we feel that one of the most important times in your life to draft a will is when you have minor children so that your wishes for a guardian are known.
3. DECIDING WHO GETS FAMILY HEIRLOOMS AND PERSONAL BELONGINGS AND MAKING SPECIAL BEQUESTS:  In your will, you can designate what family members or friends receive specific items such as your wedding ring or other important family heirlooms.   You can also leave specific monetary bequests to family members or friends.
4. MAKING CHARITABLE BEQUESTS.
5. PROVIDING FOR YOUR PETS.
6. NOMINATING WHO SHOULD SERVE AS YOUR PERSONAL REPRESENTATIVE:  In your will, you can designate who you would like to administer your probate estate when you pass.
7. SPECIAL NEEDS TRUST PROVISIONS:  If you have a loved one that is on public benefits such as SSI or Medicaid and you leave them assets, your loved one will likely lose their public benefits upon receipt of their inheritance. Silva Law, LLC designs wills to protect your disabled loved ones benefits in the case of an inheritance, drafting wills with testamentary special needs trust provisions.  These will provisions place the inheritance in a third party special needs trust upon your passing which allows your relative to keep their benefits and also retain their inheritance in a trust for their benefit.
8. MANY MORE BENEFITS:  Above are just a few of the benefits of having a will however there are many others which we will be happy to discuss with you.

If you have a will, upon your passing, your estate must still go through the probate process. Having a will does not sidestep the probate process.  Too many times, people that decide to try to draft their own wills do so improperly resulting in their assets not being distributed according to their wishes and also resulting in unnecessary litigation in the probate process costing thousands more than it would have cost to hire a legal professional to draft their will.  A properly drafted will by a legal professional that specializes in estate planning will ensure that your assets are passed to your loved ones in a manner consistent with your wishes.  At Silva Law, we will ask the right questions to make sure your estate is protected, that you take advantage of all tax benefits and protections available and that you are aware of all of your planning options.  

Contact Silva Law today to schedule your estate planning consultation at 615-258-5541 or meredith@msilvalaw.com