Do I really Need Estate Planning?

This is a question we are asked quite often. The answer is…Yes. Estate planning is a way to not only ensure that your assets are distributed to those you intend when you die, but to ensure that your wishes are carried out if you suffer a medical event. In Tennessee, estate planning can be a quick and painless process. Patton | Pittman’s estate planning practice area has years of experience assisting in this very important part of caring for your family.

Generally, most Tennesseans need two primary estate planning documents. The first is a Will. A Will is a document designating your wishes for the distribution of your assets when you die. If you do not have a Will, your assets will be distributed pursuant to Tennessee law, which can have some unanticipated consequences. With a Will, you not only may designate who receives your assets, but you can also determine at what age a child receives assets through the creation of a simple Trust within the Will.

In Tennessee, there is no state estate tax. Federally, the basic estate tax exemption for 2025 is $13,610,000. Unless you have an estate greater than that value, there are generally no estate taxes that will be owed when you die, and a simple Will is likely all that is needed to provide protection and give direction for the distribution of your assets when you die.

Another crucial part of estate planning in Tennessee is the preparation of a Tennessee Advanced Directive. A Tennessee Advanced Directive addresses two specific healthcare issues. First, it allows you to designate who may make healthcare decisions for you if you are unable to make any decisions (if, for example, you are unconscious, have dementia or are in a coma).

Second, a Tennessee Advanced Directive allows you to determine what type of medical care you want if you are in a variety of permanent medical conditions. If, for example, you are in a coma from which you are not expected to awaken, you can designate whether or not you wan to have CPR administered or if you want a breathing tube.

Previously in Tennessee, there were two documents that addressed the areas covered by a Tennessee Advanced Directive. First, there was a Living Will and second there was a Healthcare Power of Attorney. While Tennessee law specifically indicates that these older documents are still to be honored, we have learned that many healthcare professionals will not honor the older documents since the establishment of a Tennessee Advanced Directive, and we encourage everyone to obtain this newer document.

At Patton | Pittman, we have decades of experience assisting Tennesseans with estate planning and we would be happy to assist you and your loved ones with this important part of protecting your assets and your healthcare decisions.

Estate planning requirements are state specific. Each state has different rules as it relates to estate taxes and this article is designed to discuss general estate issues for individuals living in Tennessee. If you reside in a state other than Tennessee, please see a qualified estate planning attorney in the state in which you reside.