Scott B. Hahn Attorney At Law

How conservatorships can help people support their aging parents

2025-06-19T10:49:37Z

For adult children, watching the decline of their aging parents can be very difficult. No one wants to offend their parents by assuming they can't manage their own affairs. However, if family members don't provide support, older parents could end up in a very difficult position. Those dealing with severe medical challenges or cognitive decline may struggle to balance their budgets and meet all of their needs. Their actions or failure to take appropriate action could put them at risk of losing their homes, facing litigation and being unable to afford basic cost of living expenses. In some cases, adult children who worry about their parents may recognize that they need to take legal action to address an increasingly worrisome situation. Family members may want to seek a conservatorship as a means of protecting their aging parents.

What is a conservatorship?

A conservatorship is a legal arrangement in which the courts appoint a competent adult to manage the assets and financial obligations of another adult. Issues with cognitive decline or incapacitation can render people incapable of properly addressing their financial responsibilities and managing their resources. Provided that adult children have documentation supporting their claims of a parent's decline, they can potentially convince the courts to appoint them as conservators. They then have a fiduciary duty to manage resources in a way that ensures the financial stability of their parents throughout their golden years. How do conservatorships help? Adult children may worry about offending or upsetting their parents by requesting a conservatorship. The alternative is to leave them vulnerable and exposed to the misconduct of others. Older adults are particularly vulnerable to various forms of financial fraud, including scammers who target those reliant on Social Security or Medicare. Even family members and neighbors might try to take advantage of older adults struggling to live on their own. A conservatorship provides a degree of separation that can protect older adults from financial abuse. Their adult children can pay their bills and make other important financial decisions that can protect their resources. Those concerned about the decline of their parents may need help exploring whether seeking a conservatorship is an option. Reviewing medical and financial records with a skilled legal team could help people support their parents when they are particularly vulnerable.

5 common estate planning mistakes

2025-04-25T19:41:46Z

When creating an estate plan, it is easy to make mistakes that can lead to complications and unintended consequences. What common missteps could undermine your wishes for your legacy?

Mistake #1: Not making a plan

Many think they have plenty of time to create their plan or believe that estate planning is only for the wealthy or elderly. Unfortunately, this can leave them without a plan when they need it. It is important to start your estate planning as soon as possible because life is unpredictable, and having a plan in place provides peace of mind.

Mistake #2: Not updating your plan

Failing to update your will or beneficiary designations can lead to assets being distributed in ways you did not intend. Instead, review and update your will and beneficiary designations regularly, especially after major life events. Ensure all documents reflect your current wishes and circumstances.

Mistake #3: Failing to plan for digital assets

Many people neglect to include digital assets in their estate plan, leading to confusion and potential loss of valuable information. Make a comprehensive list of your digital assets, including online accounts, social media profiles, and digital currencies. Provide instructions on how you want your executor to manage these assets and include any necessary access information.

Mistake #4: Not planning for taxes

Not accounting for taxes can result in a significant portion of your estate going to taxes instead of your heirs. You should work with a financial advisor or estate planning attorney to understand whether federal estate taxes will impact your assets after you are gone. They can also help you explore strategies like gifting or setting up trusts to minimize tax burdens.

Mistake #5: Choosing the wrong person to manage your estate

Selecting an executor or trustee who is unwilling or unable to fulfill their duties can lead to mismanagement of your estate. Be sure to choose someone who is trustworthy, organized and willing to take on the responsibility. Discuss your decision with them in advance to ensure they are prepared and informed about your wishes.

Avoiding these pitfalls can help you create a plan that supports your needs

Avoiding these common mistakes can help you create an effective estate plan tailored to your situation. Proper planning today can provide peace of mind for you and your loved ones tomorrow.

What does an executor do during probate in Tennessee?

2024-10-16T20:37:12Z

When someone in Tennessee passes away, a person called an executor takes care of their estate during the probate process. What should you know about the duties of an executor?

Filing the will

The first job for an executor is to find the last will and testament of the deceased and file it with the right probate court in Tennessee. This begins the probate process.

Notifying beneficiaries and creditors

The executor needs to tell all the beneficiaries listed in the will and any other possible heirs. They also need to inform creditors about the probate process so they can claim any money they are owed.

Creating an inventory of the assets in the estate

One significant task is to list all the deceased's assets. This includes things like houses, cars, stocks, bonds, personal items and digital assets. In Tennessee, an executor must generally file this inventory within 60 days.

Managing the estate

During the probate process, the executor must take care of the estate’s assets. This could involve securing properties, managing investments or even running a business or rental properties.

Paying any debts owed by the estate

Before giving anything to the beneficiaries, the executor must pay off any debts that the deceased person had at their death. They must also file the final income tax returns and paying any estate taxes due.

Distributing the assets

After paying the estate’s debts and taxes, the executor can give the remaining assets to the beneficiaries as stated in the will. If there is no will, the state laws of Tennessee decide how to divide the assets.

Closing the estate

After finishing all these tasks, the executor must file a final account with the probate court. Once the court approves, they can close the estate. This last step includes submitting a detailed report of all financial actions and distributions made.

Being an executor in Tennessee involves many important tasks from handling paperwork to managing finances. By preparing well and seeking legal guidance as needed, an executor can honor the wishes of the person who passed away.