Legacy & Estate Planning in Germantown & Memphis, TN
An estate plan is not only for the wealthy. Any adult who owns something has an estate.
A plan spells out who receives what, who makes decisions if you cannot, and how to make things easier on the people you love.
What an estate plan includes
A will
Instructions for how your belongings should be handled and, for parents, who would care for minor children.
A trust
A legal entity that can own assets and pass them to the people you name.
A durable power of attorney
Names someone to handle financial and legal matters if you cannot.
An advance health care directive
Records your medical wishes and names someone to speak for you.
Beneficiary designations
The names on your life insurance and retirement accounts.
Will or trust?
A will generally goes through probate, a court process that confirms the will and oversees how assets are distributed.
Assets owned by a trust usually pass outside of probate. A revocable trust can be changed during your lifetime. An irrevocable trust generally cannot be changed without the beneficiaries' agreement.
Many families use both a will and a trust. Which one fits depends on your situation.
Details that are easy to miss
Beneficiary designations override your will.
If an old beneficiary is still listed on a policy or account, that person may receive it no matter what your will says.
A trust only controls what it owns.
Accounts and property have to be retitled or assigned to the trust for it to work as intended.
Life changes.
Marriage, divorce, a birth, a death or a major change in assets are all reasons to review your plan.
How we help
1. Education first.
Our Will & Trust Educational Workshops explain the basics in plain English before you decide anything.
2. A review alongside your retirement plan.
We look at your current documents, beneficiaries and how your accounts are titled.
3. Documents written by attorneys.
Estate planning documents offered through our office are written by attorneys and meet the requirements of every state. We are a designated licensee of the software. We are not a law firm and do not give legal advice.
4. Keeping everything in step.
We help coordinate your insurance and retirement accounts with your plan and revisit it when life changes.
Common questions
Does my will control who receives my life insurance and retirement accounts?
Usually not. Beneficiary designations and the way assets are titled generally come first.
What is the difference between a revocable and an irrevocable trust?
A revocable trust can be changed while you are alive and its assets are still counted in your estate. An irrevocable trust generally cannot be changed, and its assets are removed from your estate.
How do I choose an executor or trustee?
Look for someone responsible, organized and able to handle paperwork and family dynamics. Name a backup as well.
How often should I review my plan?
After any major life change, and every few years even if nothing has changed.
Next step
Have a question about your own situation? Book a free retirement review or call our Germantown office at 901-508-2433.
See upcoming Will & Trust Educational Workshop dates
This page is general education, not advice for your situation. AAA Life Solutions is not a CPA firm or a law firm and does not provide tax or legal advice. Please consult a qualified professional about your own circumstances.
Some of the companies we utilize for various client needs include:
Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor and an affiliate of Brookstone Capital Management, LLC. BWA and AAA Life Solutions are independent of each other. Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.
The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives.
