This is a question estate planning attorneys hear almost every day. The answer to this question is pretty typical of lawyers: “It depends.” In this post, we’ll give you some things to think about before you meet with a lawyer.

Tennessee is one of the best states for asset protection trusts, many of which are available to people who aren’t even residents of the state. One of the more unique ones is the TIST, the Tennessee Investments Services Trust. Note, for our Florida clients, there’s a very similar asset protection trust in Florida as well, and the language of the Florida Statute effectively mirrors the language in the Tennessee Code, so we can offer this to our clients confidently in both states.

Every individual, every family, and every business is different. It’s imperative that you have an estate plan that works for and supports your unique situation.

The Revocable Living Trust document will name the Trustors, Trustees, possible Successor Trustees, and Beneficiaries who will be involved in the management of the trust that it creates and the use of the assets it holds.

Simply said, no. The people who put the assets into the Revocable Living Trust and who approve the language found in the trust document about how the assets are to be managed are the “Settlors” (sometimes also called Trustors, Grantors, or Trust Makers), who also designate the “Trustees”. The Trustees are the individuals who must follow the rules for managing the assets as outlined in the Trust document.

A Power of Attorney is a legal power or right, designated in a document that is created by a person who wants another person to take over some of his or her legal decision-making. The words “Power of Attorney” refer to both the legal power and the document that creates that power. The person who gives the power is the “Principal”, and the person who receives that power and who can exercise that power on the Principal’s behalf is called the “Attorney-in-Fact”.