At The Very Least, You Need a Last Will and Testament
By far, the biggest estate planning land mine that you need to avoid is failing to perform any estate planning and legal life planning. Unfortunately, we see these mistakes far too often. In basic terms, a will states where your stuff will go and who will be in charge of paying your debts and making sure all of your wishes are followed after your death. However, a will also states who will be guardian over your children should you have minor children at the time of your death. This is a devastating mistake that many families make when they fail to even put a last will and testament in place. The families are left behind with the task of going to court to determine who should be named guardian over your children until they reach the age of 18. Unfortunately, this is usually where family fights take place. Therefore, even young couples with new born children, at the very least, need a last will and testament.
However, if you die without a will, then Tennessee law has written a will for you. This is called intestate succession (dying without a will) as opposed to testate succession (dying with a will). This report describes what Tennessee law has written when it comes to people who die without a will in Tennessee.