Common Tennessee Estate Planning Mistakes and How to Avoid Them

When it comes to estate planning, many people in Tennessee overlook crucial details, believing it’s only for the wealthy or something to put off until later in life.

However, a well-thought-out estate plan is essential for anyone who wants to ensure their loved ones are protected and their wishes are honored.

At Foust & Foust, PLLC, we’ve seen the good, the bad, and the avoidable when it comes to estate planning. 

Nine Common Tennessee Estate Planning Mistakes

Let’s explore nine common mistakes and how you can sidestep them to safeguard your legacy.

1. Procrastination

We’ve all been guilty of putting things off, but estate planning isn’t something to delay. Life is unpredictable and accidents or illnesses can happen at any time. Without a plan in place, your loved ones could face unnecessary stress and financial challenges.

Waiting too long also means missed opportunities to manage taxes and make informed decisions about your future care. Taking the first step now can save a lot of heartache later.

2. Relying Solely on a Will

While a will is a vital part of any estate plan, it’s not a one-size-fits-all solution. Wills are public documents, meaning anyone can access them once they’re filed with the court.

They’re also prone to challenges, which could drag your loved ones into lengthy legal battles.

Adding a trust to your plan can offer privacy, protect your assets, and make it easier for your family to carry out your wishes without delays.

3. Failing to Update Your Plan

Life happens—marriages, divorces, births, deaths, and career changes can all impact your estate plan. Outdated plans can lead to assets going to the wrong people or failing to reflect your current wishes.

A good rule of thumb is to review your plan every few years or after any major life event to ensure it still aligns with your goals.

4. Ignoring Long-Term Care Needs

The rising cost of long-term care is one of the most overlooked threats to financial security. Many families are unprepared for the expenses of nursing homes, assisted living, or in-home care. 

Planning ahead with options like long-term care insurance, Medicaid strategies, or asset-protection trusts can prevent your savings from being drained.

5. Not Naming Guardians for Minor Children

If you have young kids, naming a guardian is one of the most important decisions you’ll make. This isn’t just about choosing someone to care for your children—it’s also about ensuring they’re financially provided for and that your wishes for their upbringing are clear.

Without this step, the court may decide who raises your children, and this might not align with your preferences.

6. Overlooking Digital Assets

Our lives are increasingly digital, and that means your estate plan needs to account for more than just physical property.

What happens to your social media accounts, email, online subscriptions, or cryptocurrency after you pass? Without clear instructions, your loved ones could face unnecessary headaches. Including digital assets in your estate plan ensures they’re managed properly.

7. Choosing the Wrong Fiduciaries

Selecting the right person to manage your estate is a big decision. While it’s tempting to name a close family member, that may not always be the best choice.

Consider whether the person you choose has the skills, judgment, and time to handle the responsibility. Choosing the wrong executor or trustee can lead to unnecessary complications or conflicts among family members.

8. Misunderstanding Probate Avoidance

Probate can be a lengthy and expensive process, but there are ways to minimize it—or even avoid it altogether.

For instance, creating a living trust can help your family bypass probate, saving time and money while keeping your affairs private. Many people think a will is enough, but a comprehensive plan often includes strategies for reducing probate headaches.

9. DIY Estate Planning

We get it—those online templates look convenient and affordable, but estate planning involves more than filling in the blanks.

Every family’s situation is unique, and cookie-cutter documents often lead to mistakes, oversights, or even invalid plans. Working with an experienced estate planning attorney ensures your documents are legally sound and tailored to your needs.

How to Avoid These Estate Planning Mistakes

Avoiding estate planning mistakes is simpler when you take the right steps upfront.

Here are three key ways to protect your legacy and ensure your wishes are carried out effectively.

Consult with an Experienced Estate Planning Attorney

Trying to handle estate planning on your own can lead to serious errors that might leave your family in a difficult position.

An attorney brings the knowledge and experience needed to address complex legal issues and tailor your plan to your specific circumstances.

Have Open Conversations with Your Family

Discussing your estate plan with loved ones might feel uncomfortable, but it’s an important step to prevent misunderstandings later.

• Share your intentions and explain the reasoning behind key decisions, like naming guardians or choosing fiduciaries.
• Encourage your family members to ask questions and express their concerns so everyone is on the same page.

This transparency reduces the chance of disputes and fosters unity, helping your family carry out your wishes as you intend.

Regularly Review and Update Your Plan

An estate plan isn’t something you create once and forget. Life’s changes—like marriage, divorce, or new additions to the family—require updates to keep your plan current.

• Set a schedule to review your plan every few years or after major life events to ensure it still aligns with your goals.
• Keep all estate planning documents organized in a central location and share their whereabouts with trusted individuals.
• Notify your attorney of any significant changes so they can help you make necessary adjustments.

Take the Next Step with Foust & Foust, PLLC

Protecting your family’s future and ensuring your wishes are honored starts with the right estate plan. At Foust & Foust, PLLC, we’re here to guide you through the process and provide the peace of mind you deserve.

Whether you need to create a new plan or update an existing one, our team is ready to help. Call us at (865) 203-4041 to schedule your consultation today. Let’s work together to secure your legacy and protect the people you care about most.