The subject of drafting a will is a sensitive one that many people prefer not to think about. However, it’s imperative to have one to ensure your estate and assets are distributed to your preferred beneficiaries in the manner you choose. The actual process of drafting a will can overwhelm many people, though, but the expert team of Knoxville, TN will attorneys at DZ Law make it as simple and straightforward as possible. We’ll help you understand why having a will is so crucial and what you can expect in terms of costs to facilitate the start of creating this legal document.
Benefits of Having a Will
Ensure your assets are distributed per your wishes.
If you don’t have a will upon your passing, the state of Tennessee has the power to enact intestacy laws and dictate how your estate will be distributed. Typically, it will go to a surviving spouse and children first, but if there is no surviving spouse or children, it goes to more distant relatives. If you want to ensure specific parties receive a designated portion of your estate, a will is the only way to make that happen. It gives you the ability to split up your assets however you best see fit.
Wills help avoid family conflicts.
When a person passes away without a will dictating how to handle the distribution of their estate, it opens up the possibility of costly and highly contested disputes between the surviving family members. Individuals can file legal claims to recover some or all of the estate they feel they are entitled to receive. This draws out the probate process and can ruin family relationships, but these issues aren’t a problem when there’s a will in place.
Appoint a legal guardian of any surviving children.
If you have minor children, the will is how you decide who should take custody of them after your passing. You can designate anyone you want who is capable of and willing to watch over the children, whether it’s a friend or other family member. Without one, the decision over custody falls to the state of Tennessee, which typically results in them choosing a relative or state-appointed guardian.
How Much Does a Will Cost?
Now that you know why having a will is so important, chances are your next question is how much will it cost to have one drafted? Unfortunately, there is no straightforward answer because everyone has different financial situations. The least expensive option is to write the will yourself. You can find affordable templates online that walk you through the process of creating a very generic will, but these aren’t a comprehensive solution and can result in costly mistakes that prolong the probate period.
To ensure your will is handled professionally, it’s best to hire a will attorney in Knoxville, TN. Our professionals have the expertise needed to meet all of the legal requirements when drafting your will and ensure your estate is distributed per your requests. On the low end, a professionally written will can cost as little as $300, but that cost goes up when the estate is more complex. Estates with many assets, trusts, and businesses require more diligent planning, which can raise the price to around $2,000.
Let Our Knoxville, TN Will Attorneys Handle Your Estate.
The experts at DZ Law understand how sensitive estate planning can be, but we make the whole process as easy as possible for each of our clients. Regardless of your financial situation, our team of Knoxville, TN, will attorneys can tailor a solution to ensure your estate ends up exactly where you want. Make sure your family is taken care of by messaging us online to schedule your initial consultation.