Beyond Valentine’s Day: Crushing Estate Planning Myths for Everlasting Love

Let’s cut through the aftermath of roses and heart-shaped chocolates for a moment. We need to talk about something serious – estate planning – not the most glamorous topic, we know. There’s a common misconception that if you are married but don’t have a Will, your spouse will get everything by default. But in Tennessee, it’s not that simple. So let’s ditch the fairy tales and get real about what happens when you don’t have a plan.

The Misconception: “My Spouse Inherits Everything, Right?”

Ah, if only life were that simple. You see, many people believe that if they were to die without a Will,  their beloved spouse would automatically inherit their entire estate. But here’s where it gets tricky—Tennessee has some pretty strict intestacy laws that dictate who gets what when there’s no Will in place. And spoiler alert: your spouse might not get as much as you think.

Tennessee’s Laws of Intestacy: Facing the Facts

Alright, let’s get down to brass tacks. In Tennessee, if you die without a Will, your estate is subject to the laws of intestacy. And guess what? Those laws don’t care how much you loved your spouse. Instead, they divvy up your estate based on a rigid formula that takes into account your surviving children and sometimes even other relatives.

The Spousal Share: Not as Generous as You Might Think

Here’s where things get interesting. Under Tennessee law, your spouse is entitled to what’s known as a “spousal share” of your estate. But here’s the catch—it’s not as simple as handing over the keys to the kingdom. Instead, your spouse is only entitled to the greater of a third of your estate or what’s known as a “child’s share.” And that child’s share can put a serious dent in your spouse’s inheritance. For example, if your home is titled solely in your name and you have a spouse and 4 children, if you pass away without any estate planning, your home would be owned 1/3 by your spouse and the other 2/3 ownership would be split amongst your children – surely not at all what you envisioned or intended.

Protecting Your Love Story

Estate planning might not be the most romantic topic of conversation, but trust us, it’s worth it. By taking control of your estate now, you can ensure that your spouse — and your other loved ones — are taken care of when you’re gone.

Don’t let misconceptions about intestacy laws derail your happily ever after. Take charge of your future today and ensure that your love story continues to flourish for years to come.

Ready to Take the Next Step?

Contact us today to schedule a complimentary phone consultation and learn more about how estate planning can protect your love story from the vagaries of intestacy laws. After all, true love deserves a happily ever after—don’t leave it up to chance.