Experienced Trusts Attorney Serving Families In Loudon And Across East Tennessee

A properly prepared living trust can help you avoid probate, keep your estate private and make it easier for your loved ones to manage your affairs. If protecting your family’s future is one of your priorities, a revocable living trust may become an important part of your estate plan.

For more than 40 years, Attorney Loren Plemmons has helped East Tennessee families create estate plans that reflect their goals and help protect the people they love. At Plemmons Law Group, PLLC, we take the time to understand your circumstances and recommend trust solutions that fit your needs.

What Is A Trust And How Does It Work?

A trust is one way to protect and manage your assets during your lifetime and after your death. You create the trust, appoint a trustee to manage it and identify the beneficiaries who will receive its assets according to your instructions.

Many estate plans include a revocable living trust because it allows you to retain control of your assets during your lifetime while establishing a plan for the future.

A living trust offers several important advantages:

• Privacy: Your assets, debts and beneficiaries remain confidential.
• Probate avoidance: Qualifying assets can pass outside the probate process.
• Continuity: Your trustee can manage trust assets if you become incapacitated.
• Flexibility: You maintain control of a revocable trust during your lifetime and can generally update it as your circumstances change.

A well-rounded estate plan coordinates your trust with other important documents, including your financial power of attorney, health care power of attorney and advance care plan, so they work together to protect your wishes.

Types Of Trusts We Prepare

Every family has different priorities. At Plemmons Law Group, PLLC, we prepare several types of trusts to help you accomplish your estate planning goals.

• Revocable trusts: These flexible trusts allow you to make changes during your lifetime while helping qualifying assets avoid probate.
• Testamentary trusts: Included as part of your will, these trusts become effective after your death and can provide ongoing management of assets for your beneficiaries.
• Special needs trusts: These trusts allow you to provide for a loved one with disabilities while minimizing the risk of losing eligibility for certain government benefits.

We also prepare trust amendments when life circumstances change and assist trustees with trust administration responsibilities after a trust becomes active.

Will Vs. Trust – What’s Right For Your East Tennessee Estate?

Although wills and trusts are both estate planning tools, they serve different purposes.

A will directs how your property should be distributed after your death and allows you to nominate guardians for minor children. Property distributed through a will generally passes through probate.

A trust holds and manages assets according to your instructions. Depending on the type of trust you establish, it may help qualifying assets avoid probate, maintain privacy and provide continuity if you become incapacitated.

Many people benefit from having both a will and a trust. Our experienced estate planning lawyers can help you determine the right combination for your estate plan.

Deeding Tennessee Real Estate Into Your Trust

One key element of trust creation requires careful attention: transferring real estate ownership into your trust through a properly executed deed. Some clients relocating to Tennessee arrive with the mistaken impression that they do not need to add their home to their trust. Tennessee law actually requires this step to ensure your real estate avoids probate and receives the asset protection benefits your trust provides.

Plemmons Law Group, PLLC prepares deeds for Tennessee properties to transfer ownership into your trust. For other assets such as bank accounts and investments, clients work directly with their financial institutions to complete the funding process.

Let Us Help You Protect Your Legacy

Attorney Loren Plemmons has dedicated over 40 years to helping Tennessee families establish trusts that preserve privacy and simplify estate settlements. We understand the unique needs of Loudon, Monroe, Blount, Roane and McMinn residents, whether you’ve lived here for generations or recently made East Tennessee your home.

If you want to explore trust preparation or need guidance with trust administration, call our office at 865-424-4379 or send us an email today.