Jana Davis Lamanna is experienced in the areas of probate/trust/estate litigation, divorce/family law, probate administration, estate planning, guardianship and conservatorship law, and assisted reproductive technology law.
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Retirement is often when people finally have time to focus on long-term planning. For many Tennessee families, that includes reviewing or creating an estate plan. However, retirement also introduces new risks. Changes in income, health, assets, and family structure can affect how an estate plan works under Tennessee law. Failing to adjust your plan after retirement can lead to unnecessary probate delays, tax exposure, or family disputes. Below are common estate planning mistakes Tennessee families make after retirement and how to avoid them. 1. Not Updating Wills and Trusts One of the most common mistakes retirees make is assuming their existing will or trust still works as intended. Major life changes often occur around retirement, including: The death of a spouse Health changes Sale of a business Relocation within Tennessee Changes in beneficiary relationships If your will names an executor who has passed away or a trust references outdated assets, Tennessee probate courts will not “fix” those issues automatically. Outdated documents can cause delays, confusion, or unintended asset distribution. How to avoid it:Review your will and trust documents every few years and immediately after major life events. Retirement itself is a natural trigger point for a full estate plan review. 2. Failing to Plan for Incapacity Estate planning is not only about what happens after death. It also protects you during your lifetime. In Tennessee, incapacity planning typically includes: Durable Power of Attorney (for financial decisions) Health Care Power of Attorney Advance Directive for Health Care Without these documents, your …
Retirement is often when people finally have time to focus on long-term planning. For many Tennessee families, that includes reviewing or creating an estate plan.
However, retirement also introduces new risks. Changes in income, health, assets, and family structure can affect how an estate plan works under Tennessee law. Failing to adjust your plan after retirement can lead to unnecessary probate delays, tax exposure, or family disputes.
Below are common estate planning mistakes Tennessee families make after retirement and how to avoid them.
1. Not Updating Wills and Trusts
One of the most common mistakes retirees make is assuming their existing will or trust still works as intended.
Major life changes often occur around retirement, including:
The death of a spouse
Health changes
Sale of a business
Relocation within Tennessee
Changes in beneficiary relationships
If your will names an executor who has passed away or a trust references outdated assets, Tennessee probate courts will not “fix” those issues automatically. Outdated documents can cause delays, confusion, or unintended asset distribution.
How to avoid it: Review your will and trust documents every few years and immediately after major life events. Retirement itself is a natural trigger point for a full estate plan review.
2. Failing to Plan for Incapacity
Estate planning is not only about what happens after death. It also protects you during your lifetime.
In Tennessee, incapacity planning typically includes:
Durable Power of Attorney (for financial decisions)
Health Care Power of Attorney
Advance Directive for Health Care
Without these documents, your family may need to seek a court-appointed conservatorship through Tennessee courts if you become incapacitated. That process can be time-consuming, public, and expensive.
How to avoid it: Ensure your estate plan includes properly executed incapacity documents that comply with Tennessee law. Review the individuals you’ve appointed to confirm they are still appropriate choices.
3. Not Addressing Digital Assets
Digital assets are now a significant part of many estates.
These may include:
Online banking accounts
Investment platforms
Social media accounts
Cloud storage
Cryptocurrency holdings
Without proper planning, loved ones may struggle to access these assets. Tennessee has adopted laws allowing fiduciaries to manage digital assets, but access depends on proper authorization within your estate documents.
How to avoid it: Maintain an updated inventory of digital assets and ensure your estate plan authorizes your executor or trustee to access them legally.
4. Overlooking Debts and Liabilities
Retirement does not eliminate financial obligations.
Outstanding mortgages, medical debt, business guarantees, or personal loans can affect estate administration. During probate in Tennessee, creditors have the right to make claims against an estate within certain timeframes.
If liabilities are not anticipated, heirs may receive less than expected, or face administrative complications.
How to avoid it: Review outstanding obligations and structure your estate plan to account for potential creditor claims. Proper asset titling and planning can reduce unnecessary complications.
5. Poor Communication with Family
Silence can create confusion.
Many estate disputes arise not because of poor legal drafting, but because beneficiaries were surprised by decisions. Misunderstandings often lead to will contests or strained family relationships.
Tennessee courts regularly handle estate disputes that could have been avoided with clear communication.
How to avoid it: While you do not need to disclose every detail, discussing general intentions with family members can reduce conflict later.
Best Practices for Effective Estate Planning After Retirement
Regular Reviews and Updates
Retirement marks a financial and lifestyle shift. Estate plans should reflect that shift.
A review every 3–5 years, or sooner if circumstances change, helps ensure documents comply with current Tennessee law and still reflect your wishes.
Involving Family Appropriately
Transparency reduces disputes.
Clarifying who will serve as executor, trustee, or power of attorney can prevent future surprises. When appropriate, involve key decision-makers in discussions so expectations are aligned.
Seek Professional Guidance
Estate planning is not a one-time document. It is an ongoing legal strategy.
Working with an attorney familiar with Tennessee probate and estate law ensures your documents are properly executed, coordinated with beneficiary designations, and structured to minimize legal complications.
Conclusion
Retirement is a critical time to review your estate plan. Failing to update documents, plan for incapacity, consider tax exposure, or address digital assets can create unnecessary burdens for your family.
A properly structured estate plan provides clarity, protects your wishes, and reduces the likelihood of probate disputes in Tennessee courts.
If you are retired or approaching retirement and have not reviewed your estate plan recently, now is the time to act.
Contact TN Probate Lawyer to schedule a consultation and ensure your estate plan reflects your current goals and complies with Tennessee law.
Yes. In Tennessee, you can appoint an independent person to handle your estate, but the term you will usually see in the law is “personal representative.” If you have a will, your personal representative is typically called an executor. If you do not have a will, the court appoints an administrator.
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