Purple Law Firm
200 Walker Street
Chattanooga, TN 37421
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Call Today
(423) 899-0131
Call our office today to schedule an appointment for an initial consultation with one of our attorneys.
We provide personal service with reasonable fees.
Do you need a Last Will and Testament, or a Revocable Trust?
What is the difference between a Will and a Trust?
At Purple Law Firm we can answer these questions for you. Attorney Jim Purple has been practicing Estate Planning law since 1983, and has personal experience with the advantages of effective estate planning, i.e. a Revocable Living Trust.
Most people are familiar with a Last Will and Testament, often called simply a “Will”, but does a Will do what you want, effectively and cost efficiently?
A Last Will and Testament is a legal document which expresses your wishes and desires as to how you want your property (real estate, bank accounts, investments, and personal effects) to be distributed after death. In other words, who do you want to have what after your death. Typically a Will must be administered under the supervision of the Probate Court and can be quite costly. Additionally, in some circumstances your desires and wishes may be overruled by the Court.
What is a Revocable “Living” Trust and would the average person benefit from a Trust?
A Revocable Living Trust is a contract which is entered into during your lifetime, which determines how your property (“assets”) is to be managed by you or someone you designate for your benefit (or the benefit of you and your spouse) while you are still living, and how your assets are to be managed or distributed after your death. A Trust is typically revocable and amendable during your lifetime, meaning that you may amend or change the Trust to meet your changing circumstances and desires, or you may revoke the Trust in its entirety.
There is a common misperception that a Trust is for the wealthy, and average people do not have enough assets to justify a Trust. The reality is that while not all people need a Trust, most people reap more benefit from a Trust than from a standard Last Will and Testament.
Whether you just need a Last Will and Testament or a complete Trust centered Estate Plan, our Attorneys will carefully review your circumstances and discuss your desires for final distribution of assets. We will then develop an estate plan which is suited to your needs, and thoroughly explain your new estate plan and how it works.
To have Purple Law Firm review and analyze your estate planning needs, call or email today.
Purple Law Firm-- Complete Estate Planning
An estate plan is not truly complete unless it deals with those very important and personal issues regarding advanced health care planning. Who would you want to make health care decisions for you in the event that you are unconscious or otherwise unable to communicate with the health care professionals? You choose your heath care agent and attorney-in-fact for health care, and Purple Law Firm will make sure your choices are honored in a Durable General Power of Attorney for Health Care.
In the event that you are faced with the ultimate decision: you are in a terminal condition, or permanently unconscious, with little or no hope for survival with any quality of life; does your family know your wishes? Do you have a Living Will? At Purple Law Firm we ensure that your decisions regarding the use of life support will be enforceable even if you can not communicate with your health care providers, through a Purple Law Firm Living Will Declaration.
Call or email Purple Law Firm to schedule an initial estate planning consultation with Attorney James D. Purple, Sr., an attorney who cares about you and your future.
or call (423) 899-0131The contents of this page is for general informational purposes and is not intended as legal advice, nor does it establish an attorney-client relationship. To receive legal advice from Purple Law Firm call or email for an appointment. Back to Top
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