When it comes to estate planning, it’s important to invest in an attorney who is appropriately trained in every aspect of this field, understands the laws of Tennessee, and will take the time to get to know you.
“The worst plans to administer after a death are the ones where clients have not received good advice because they’ve worked with attorneys who were not adequately trained in estate planning,” says Larry Bray, a partner with Patterson Bray Attorneys PLLC. He limits his practice to estate planning and post-death administration, and also handles asset protection planning, charitable planned giving, and business succession and taxes.
“Also, one of our best qualities as a firm is that we have a more personal relationship with our clients,” he says. “We like to get to know them, their goals, and their objectives since we really can't recommend a plan until we know what they are trying to accomplish.” He also has the ability to take complex issues and break them down in a way that’s easily understandable to clients.
There are many misconceptions about estate planning. For example, many people believe that as long as they have a will, that’s enough. But, that’s only the beginning. “At a minimum, people should set up powers of attorney and disability plans to avoid the possibility of having a conservator at some point in life,” says Julia Denby, who joined the firm in November and also limits her practice to estate planning, probate administration, and post-death administration.
Adds Larry, “If you don't have a financial power of attorney and you’re incapacitated, for example, there's a chance that the court will have to get involved to appoint a conservator. So, it's important to name the people you want to make financial decisions for you and also have a power of attorney for healthcare.”
Along with that, a living will is always a critical document to have in place. It provides directions about end-of-life decisions, such as whether or not clients want to have feeding tubes left in or removed, and whether or not they want to donate organs.
“We also prepare a HIPAA authorization for our clients under the Health Insurance Portability and Accountability Act so that their agents, their family, will have access to all their medical records, files, and other personal information,” he says.
Another huge misconception is that wills avoid probate. “A will has to be approved by the court, and that's a process that takes time,” says Larry. “It costs the family money to pay attorneys to make court appearances in addition to all the other expenses associated with the filings.”
A surprising detail that many people don’t realize is that this process is accessible in public records. “The probate court process is public, and these days, that means they scan documents and put them on their court clerk's website for anyone to have access to,” says Larry. “You have to have a revocable living trust or other type of trust that owns the assets or is a beneficiary of the assets in order to avoid this process. This is why we focus a lot on implementing trusts and making sure those trusts are funded to avoid probate and for asset protection purposes.”
This is especially important if you own real property in multiple states, explains Julia. “You will likely have to open a probate estate in each state where you own real property, if the real property is not owned by the trust.”
Estate planning is not just for older people or those with substantial assets. People as young as 18 should start putting directives into place. “One thing that's very important, especially when kids turn 18, is to set up a power of attorney,” says Julia. At that age, parents and guardians will no longer have access to their children’s financial or medical records if they become incapacitated.
“That disability piece is the biggest part of what we do when kids go off to college, when they turn 18, because we want to make sure that parents have access to all that information,” says Larry.
Once all of your estate planning is complete, it’s important to review it regularly, especially when major life changes occur, such as marriage, divorce, or the arrival of a new child. “We advise reviewing it every four to five years to make sure anything new or acquired is in the trust,” says Julia. “It's important because if it's not in the trust, a probate estate may need to be opened instead of just handling it privately.
There have also been situations, explains Larry, in which banks, doctors, and hospitals would not accept disability documents or powers of attorney that were put in place years earlier. “They say they're too old, although they don't legally expire, but they're worried about liability and lawsuits that have been filed in the past because someone acted inappropriately.”
Estate planning is multi-varied and complicated, and this is why you need adept guidance to ensure that everything aligns with your wishes. It’s critical to invest the time and money in finding the right person to handle your personal and business assets, manage your health decisions, and ensure that all of your wishes are honored.
“This is all Julia and I do—our education is geared only towards estate planning,” says Larry. “We put a lot of focus on education, not just locally, but throughout the United States. We attend many different planning seminars and also teach at them. We're members of various national groups, like think tanks and study groups, where we get together and talk about our practices, how we run our practices, how we work with clients, and strategies that need to be implemented.”
With his educational background in business and accounting, as well as in law, estate planning was a natural fit for Larry, and something he gravitated towards right from the beginning.
Julia initially thought she wanted to pursue criminal work, but after an internship in that field, she quickly realized it wasn’t for her. She then thought about going into family law, but that didn’t feel right either. “For me, one of the advantages of estate planning is that you're really, truly helping people, and you feel like you've made a difference in their lives in a positive way. It’s a very meaningful practice.”
Schedule a meeting with Larry Bray, Julia Denby, or their colleague, Carlisle Dale, who also sees clients in Brentwood. Then, set up an estate plan that’s right for you and your family.
PattersonBray.com
Founded in 2004, Patterson Bray Attorneys PLLC in Brentwood and Memphis provides a wide range of legal services in:
Estate Planning
Probate & Trust Administration
Family Law
Personal Injury & Death
Business Organization
PattersonBray.com
Memphis
(901) 372-5003
Nashville/Brentwood
(615) 312-8220