Estate Planning in Tennessee: It’s Never Too Early to Start

When we think about estate planning, many of us see it as something for later in life—after retirement or when assets have grown. But, estate planning isn’t just for the wealthy or elderly. It’s a smart step for everyone no matter their stage of life. 

At Foust & Foust, PLLC, we’re here to help you make choices that protect your loved ones and your future.

Estate planning is less about how much you have and more about ensuring your wishes are honored and your family is cared for. Starting early brings peace of mind and prepares you for life’s unexpected turns.

Major Life Events & Essential Estate Planning Documents

Life has a way of surprising us—sometimes in wonderful ways like getting married or welcoming a new child, and other times, with challenges like sudden illness.

Each of these moments is a reminder that it’s time to review or update your estate plan.

1. Young Adulthood (18+)

Turning 18 is a milestone. In Tennessee, becoming a legal adult means your parents no longer have the authority to make decisions for you. That’s why even young adults need basic estate planning documents.

Here’s what we recommend at this stage:

  • Healthcare Power of Attorney: This lets someone make medical decisions for you if you’re unable to.
  • Financial Power of Attorney: This allows someone to manage your finances if you’re incapacitated.
  • Advance Healthcare Directive (Living Will): Outlines your wishes for medical care if you can’t communicate them.

These documents aren’t just for emergencies—they’re about giving yourself a voice when you might not have one.

2. Growing Families

Marriage, the birth of a child, or even a divorce can bring big changes to your priorities. Protecting your growing family starts with updating your estate plan.

This plan can include:

  • Wills: Make sure your will names a guardian for your children.
  • Beneficiary Designations: Review accounts like life insurance, retirement plans, or payable-on-death accounts to ensure they reflect your current wishes.

Life is constantly evolving, and your estate plan should evolve with it.

3. Significant Asset Gain

Maybe you’ve bought your first home, started a business, or inherited money. These moments are exciting but they also come with responsibilities.

At this stage, your estate plan may need to include:

  • Wills: For straightforward asset distribution.
  • Trusts: For more complex situations. A revocable living trust, for example, can keep assets out of probate and provide greater control over how and when your assets are distributed.

Trusts can also help protect assets from creditors and minimize taxes, giving you more confidence about your financial future.

4. Health Concerns

If you or a loved one faces a health challenge, it’s time to think about end-of-life care and how you want decisions to be handled.

Documents to consider include:

  • Advance Healthcare Directive: This ensures your medical wishes are followed.
  • Healthcare Power of Attorney: Names someone to make healthcare decisions on your behalf.

Having these plans in place can ease the burden on your family during difficult times.

5. Legacy Planning

For those who want to make a lasting impact, legacy planning can include:

  • Charitable Trusts: These allow you to support causes you care about even after you’re gone.
  • Bequests in Wills: You can leave specific assets or amounts to charities or organizations that matter to you.

Your legacy isn’t just about what you leave behind—it’s about how you’re remembered.

How Often should you Update your Estate Plan in Tennessee?

We recommend reviewing your estate plan every four to five years or after any major life event, such as a marriage, divorce, birth, or death in the family. Laws can change, too, and Tennessee estate laws are no exception.

Regular updates help ensure your plan stays current and continues to reflect your wishes.

Benefits of Early Estate Planning

Taking steps to plan your estate early offers a range of practical advantages.

  • Avoids Intestacy: Without a will, Tennessee law decides how your assets are distributed, which may not align with your wishes.
  • Reduces Family Conflict: Clearly outlining your wishes can prevent disputes.
  • Protects Assets: Strategic planning can shield your assets from creditors or legal challenges.
  • Minimizes Taxes: Tennessee doesn’t currently have an estate tax, but proper planning ensures you’re making the most of any exemptions or protections available.

What are the First Steps to Take when Starting Estate Planning in Tennessee?

Getting started with estate planning may feel overwhelming, but breaking it into manageable steps makes the process much simpler.

Here’s how to begin creating a plan that secures your family’s future.

Step 1: Reflect on Your Goals

The first step in estate planning is to think about what matters most to you. Consider your family’s needs and how you’d like to provide for them.

Reflect on your values and long-term goals, such as passing down assets, supporting loved ones, or contributing to causes you care about.

Take stock of what you own—your home, savings, investments, and other assets—and think about how you’d like those to be handled.

Step 2: Organize Important Information

Once you’ve outlined your goals, gather the details you’ll need to create an effective plan.

Start by organizing key documents, such as deeds, account statements, insurance policies, and retirement plans.

Make a list of any debts or liabilities and think about who you’d like to name as beneficiaries.

Having this information ready will make the planning process much smoother and more efficient.

Step 3: Seek Professional Guidance

While it’s possible to handle some aspects of estate planning on your own, working with an experienced attorney ensures your plan is thorough and legally sound.

An estate planning attorney can guide you through Tennessee’s specific laws, answer questions, and create a customized plan that protects your family and assets.

Start your Estate Planning Journey in Tennessee with Foust & Foust Law

Taking control of your estate plan is one of the most important steps you can take to protect your family and assets. At Foust & Foust, PLLC, we’re here to make the process simple and stress-free.

Don’t wait—call us at (865) 203-4041 to schedule a consultation. Let’s work together to create a plan that gives you and your family peace of mind for years to come.

Rusty Foust is a Knoxville-based estate planning attorney with a proven track record of helping families protect assets and secure financial legacies. A Certified Estate Planning Specialist, he personalizes every plan to fit clients’ unique needs, ensuring peace of mind. Rusty earned his J.D. from the University of Memphis and is admitted to practice in Tennessee and the U.S. Tax Court. He serves as Secretary of the Mid-South Forum of Estate Planning Attorneys and is a Board Member for Tapestry for Women, Inc.

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