As estate planners, we work closely with clients to provide a plan to protect the individuals’ assets and assure that personal and real property properly flow to the intended recipients.  We also emphasize the importance of having a General Durable Power of Attorney and include a provision for the care of pets.

As trusted attornies at The Law Office of Olivia Wann & Associates, located in Dover, Tennessee, we focus on estate planning and elder law. In this blog, we will explore the concept of life estates, their advantages and disadvantages, and how they differ from irrevocable trusts. Additionally, we will discuss the benefits of irrevocable trusts, particularly when a Trust Protector is involved, compared to life estates.

Are you aware that in the year 2016, Stewart County, Tennessee, was rated number one in the top 20 most armed counties in the country? Yes- indeed! Stewart County, which includes the towns of Dover, Indian Mound, Bumpus Mills, and Cumberland City has the highest percentage of residents who keep firearms around their homes.

Recently a Tennessee parts supplier for John Deere and Yamaha were fined $296,951 after the Wage and Hour Division confirmed that as many as 10 children as young as 14 years old were working in the factory. According to Jessica Looman in a press release, she indicated that...

Individuals who own or control the company are referred to as “beneficial owners” and are required to report their beneficial ownership interest (BOI) to the federal government. In the words of the U. S. Department of the Treasury Financial Crimes Enforcement Network, this new law will make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

After having practiced law in Tennessee the last 12 years and having drafted hundreds and hundreds of wills, I’ve come to fully appreciate the value of a Personal Property Memorandum. 

Tennessee law allows you to use a personal property memorandum as an extension of your will and even a trust for the purpose of devising tangible personal property. Examples of tangible personal property include vehicles, furniture, sporting goods, antiques and jewelry. 

Should I sell my parents’ home if they are going into a nursing home?  Consult an attorney. Selling the home may end up disqualifying an individual from TennCare (Medicaid) benefits.  The home is usually an excluded asset when applying for Medicaid.

If a tenant does not pay rent in Tennessee, can I evict them? If there are 75,000 residents or more in your county, follow the Uniform Residential Landlord and Tenant Act.  In smaller counties, issue at least 30 days’ notice in writing.

Who inherits if you die without a will? If there is no will in place, Tennessee allows intestate succession.  If property is owned by the deceased, there are a few scenarios:  If there is a spouse but no children, the spouse inherits.  If there is no spouse and there are surviving children, the children inherit equally.  If there is a spouse and children in Tennessee, the spouse receives either 1/3rd or a child’s equal share.  

A conservatorship is basically a guardianship for an incapacitated adult. Conservatorship can be solely for the estate, meaning the person’s finances or for the person, such as authority to handle day to day life decisions, or for both the estate and the person. Conservatorships are created by a court order.  To avoid a conservatorship, be sure to have a valid power of attorney in place designating your agent.  

A general durable power of attorney is an important legal document that involves designating an agent to handle your legal and financial affairs. Tennessee recognizes springing durable power of attorney which means the document is activated if you are incapacitated.  Something as simple as cancelling a mobile phone service cannot be handled without a valid POA. Individuals can save money and time with a POA compared to the costs of a conservatorship that involves court intervention.

I graduated from the Nashville School of Law December 2011 and took the bar in February 2012. I was practicing law by May 2012.

I attended law school at night for four years.  Recently I read that the Nashville School of Law had a mere 28% pass rate for the most recent bar exam.

I compiled the proceeding notes following my exam and shared them with a class.  I hope bar applicants surfing the Internet find this helpful.  You CAN pass the bar the first time!!!!