Legal Document Review

Wills & Legal Document Review

If you’ve taken the time to go through the steps and complete your estate plan with a will, trust, or other legal documents, then you’re probably well aware that the process can be quite difficult, even confusing or stressful for some people. Still, these are an incredibly important part of safeguarding your loved ones and protecting your legacy. If you’ve relocated to Tennessee from another state, then now is a great time to update your information. The advisors at Miser Wealth Partners are experts at leaving no stone unturned when it comes to wills, trusts, and other legal documents.   

What should I consider when updating my will and other legal documents?

These important documents require careful attention to detail so nothing gets overlooked or misconstrued. That said, there are many things to consider when finalizing these documents. We’ve guided countless clients through the following: 

  • State-specific laws: Each state has its own laws governing wills and trusts. When updating your documents, it’s crucial to ensure they comply with Tennessee laws. Our attorneys are extremely familiar with Tennessee estate planning and can ensure your documents are valid and enforceable in your new state.
  • Beneficiary designations: We review the beneficiary designations on your various accounts, such as retirement plans, life insurance policies, and investment accounts, and update them to reflect your new address and any changes in circumstances. This will help ensure that your assets are passed to the intended beneficiaries.
  • Executor or trustee selection: If your will designates an executor or your trust designates a trustee, you may want to consider whether it is still appropriate to keep the same person or entity in that role after relocating. If the executor or trustee resides in another state, it could potentially complicate the administration of your estate or trust in Tennessee.
  • Power of attorney and health care proxy: We can update your power of attorney and healthcare proxy documents to comply with Tennessee laws. These documents appoint someone to make financial and medical decisions on your behalf if you become incapacitated. Ensure that the appointed individuals are willing and able to fulfill their roles in Tennessee.
  • Guardianship provisions: If you have minor children, it may be a good idea to review and update the guardianship provisions in your will. Consider whether your chosen guardian(s) are still the best fit given your new location. Discuss your intentions with them and ensure they are willing to take on the responsibility.
  • Tax considerations: State laws can impact estate and inheritance taxes. Our tax professionals can familiarize you with Tennessee’s tax laws and help you understand any potential tax implications resulting from your relocation. This will help you make informed decisions about your estate planning strategies.
  • Trust administration: If you have a trust, we can ensure it is properly administered in Tennessee. If you have a revocable living trust, the title of your assets may require being updated to reflect the trust’s ownership under Tennessee law.
  • Review of assets and liabilities: Take the opportunity to review your assets and liabilities considering your relocation. This includes real estate, financial accounts, investments, business interests, and debts. Ensure that your estate plan addresses the ownership and distribution of these assets and considers any changes resulting from your move.

Why choose Miser Wealth Partners to update your will and other legal documents?

With these types of documents being of the utmost importance in the legal process, going over them alone simply won’t suffice in most cases…especially with all the considerations outlined above. You’ll want a professional who has immense experience in dealing with these documents on a daily basis. The experts at Miser Wealth Partners know exactly what look for and are also well-versed in the current government policies that dictate your documents.  

Where can I get help updating my will and other legal documents in East Tennessee?

The experienced professionals at Miser Wealth Partners will be happy to help update your will, trust, or other legal documents to ensure your estate is protected and  your wishes are carried out precisely the way you want. Give us a call at (865) 281-1616 or click here to schedule a meeting to get started today.

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