What Happens to Everything You’ve Built When You’re Gone?

After decades of hard work building your career, accumulating assets, and creating a life for your family — have you actually documented what happens to it all when you pass?

Most people avoid estate planning because it forces them to confront mortality. But without proper planning, you leave your family navigating legal complexity, potential family conflict, and unnecessary costs during an already difficult time.

At Roan Capital Partners, we help East Tennessee families create comprehensive estate plans that protect loved ones, minimize taxes, and ensure your wishes are honored.

Ready to protect your family’s future?  Schedule your free consultation: 423-631-5786

What is Estate Planning?

Estate planning is the process of arranging for the management and distribution of your assets during your lifetime and after your death. It’s not just about wills and death — it’s about protecting your family through life’s transitions.

Estate planning covers these important important questions:

Asset distribution:
Who receives your property, investments, personal possessions, and sentimental items when you die?

Incapacity planning:
Who makes financial and healthcare decisions if you become mentally or physically unable to do so yourself?

Minor children:
Who raises your children if both parents die? Who manages money for their benefit?

Tax minimization:
How do you structure your estate to minimize taxes and maximize what goes to heirs or charity?

Legacy goals:
How do you support causes, organizations, or family members you care about?

Conflict prevention:
How do you prevent family disputes over money and possessions after your death?

Who Needs an Estate Plan?

group of people sitting on rocks overlooking mountain

You need estate planning if you:

  • Own property (home, land, investments)
  • Have minor children
  • Want to control who receives your assets
  • Care about minimizing family burden and conflict
  • Have family members with special needs
  • Own a business
  • Want to support charitable causes
  • Have assets exceeding $50,000

In other words: most everyone needs basic estate planning. The complexity of your plan varies based on your situation, but the need exists regardless of wealth level.

Essential Estate Planning Documents

A comprehensive estate plan typically includes several key documents working together.

Your will is the foundation document specifying:

Asset distribution:
Who receives your property after paying debts and expenses

Executor appointment:
Who administers your estate (pays bills, distributes assets, handles legal requirements)

Guardian designation:
Who raises your minor children if you die

Trust creation:
Testamentary trusts for minor children or special needs beneficiaries

What a will does NOT control:

  • Retirement accounts (401k, IRA) with named beneficiaries
  • Life insurance policies with named beneficiaries
  • Property owned jointly with right of survivorship
  • Assets in living trusts

These pass directly to named beneficiaries or co-owners regardless of will provisions.

Tennessee will requirements:

  • Must be written
  • Must be signed by you
  • Must be witnessed by two credible witnesses
  • Witnesses must sign in your presence and each other’s presence
  • Notarization not required but recommended (creates “self-proving” will)

Dying without a will (intestate):
Tennessee law dictates asset distribution:

  • Spouse receives everything if no children
  • Spouse and children share estate (specific formulas apply)
  • Parents inherit if no spouse or children
  • Extended family inherits if no immediate family

Intestate succession rarely matches what people actually want. It also creates unnecessary delays and costs.

A living trust holds assets during your lifetime and distributes them after death, avoiding probate.

How it works:

  • You create the trust and name yourself as trustee
  • You transfer assets into the trust
  • You maintain complete control during your lifetime
  • Upon death, your successor trustee distributes assets according to trust terms
  • No probate required for trust assets

Benefits:

  • Avoids probate (saves time and legal fees)
  • Maintains privacy (wills become public, trusts don’t)
  • Provides incapacity planning (successor trustee manages assets if you’re unable)
  • Allows control over distribution timing (staggered distributions to young heirs)
  • Works across state lines (valuable if you own property in multiple states)

Limitations:

  • Costs more to establish than simple will ($2,000-4,000 typically)
  • Requires funding (transferring assets into trust)
  • Doesn’t avoid estate taxes
  • Doesn’t replace need for will (covers assets not in trust)

Who benefits from living trusts:

  • Anyone wanting to avoid probate delays
  • Property owners in multiple states
  • People valuing privacy
  • Individuals with complex family situations
  • Those with assets exceeding $200,000

A power of attorney authorizes someone to manage your financial affairs if you become incapacitated.

What it covers:

  • Banking transactions
  • Investment management
  • Bill payment
  • Tax filing
  • Property transactions
  • Insurance matters
  • Legal proceedings

Types of powers of attorney:

Durable: Remains effective if you become incapacitated (most common)

Springing: Only becomes effective upon specific event (usually incapacity)

Limited: Covers only specific transactions or time periods

Choosing your agent:
Select someone who is:

  • Financially responsible
  • Trustworthy with complete access to your finances
  • Willing to serve
  • Able to make difficult decisions
  • Preferably local or accessible

Often spouses serve as primary agents with adult children as backups.

Without a power of attorney:
If you become incapacitated without a POA, your family must petition the court for conservatorship — an expensive, time-consuming, and public process.

A healthcare power of attorney designates someone to make medical decisions if you’re unable.

Decisions covered:

  • Medical treatment options
  • Surgery consent
  • Medication choices
  • Facility placement
  • End-of-life care

Choosing your healthcare agent:
 Select someone who:

  • Understands your values and wishes
  • Can make difficult decisions under pressure
  • Will advocate for your preferences
  • Is emotionally capable of making life-or-death choices

This is often your spouse or adult child, but doesn’t need to be the same person as your financial power of attorney.

A living will documents your wishes regarding end-of-life medical care.

Issues addressed:

  • Life support preferences
  • Artificial nutrition and hydration
  • Resuscitation wishes (DNR orders)
  • Organ donation
  • Pain management preferences

Why it matters:
 Without clear guidance, family members face agonizing decisions about your care, often disagreeing about what you would have wanted. A living will relieves them of this burden.

Tennessee’s approach:
Tennessee recognizes living wills and advance directives. Many hospitals and healthcare facilities provide standard forms, but personalized directives addressing your specific values are more effective.

Often overlooked, beneficiary designations on retirement accounts and life insurance are actually the most important estate planning documents because they supersede your will.

Accounts with beneficiary designations:

  • 401(k) and 403(b) retirement plans
  • Traditional and Roth IRAs
  • Life insurance policies
  • Annuities
  • Transfer-on-death (TOD) accounts
  • Payable-on-death (POD) bank accounts

Common mistakes:

  • Outdated beneficiaries (ex-spouses, deceased individuals)
  • No contingent beneficiaries
  • Naming estate as beneficiary (loses tax benefits)
  • Not coordinating with overall estate plan
  • Minor children named directly (requires court-supervised guardianship)

Review annually: Major life events (marriage, divorce, births, deaths) should trigger immediate beneficiary updates.

Here’s when to update your estate plan:

Major life events

  • Marriage or divorce
  • Birth or adoption of children/grandchildren
  • Death of beneficiary or fiduciary
  • Significant wealth changes (inheritance, business sale)
  • Starting or selling a business
  • Disability of family member

Every 3-5 years minimum
Even without major changes, laws evolve and circumstances shift

Moving to/from Tennessee
Estate laws vary by state; your documents should comply with your current state

Tax law changes
Federal estate tax exemptions and rules change periodically

What to review:

  • Are named executors/trustees still appropriate?
  • Are guardians for minor children still best choice?
  • Do beneficiary designations match current wishes?
  • Have any beneficiaries died or become estranged?
  • Has property ownership changed?
  • Do asset values require plan adjustments?
  • Do healthcare directives reflect current wishes?

Take the First Step to Protect Your Family

Estate planning seems overwhelming, but the cost of not planning far exceeds the cost of getting it done right.

Schedule your estate planning consultation

Johnson City Office: 423-631-5786
Oak Ridge Office: 865-482-4211
Crossville Office: 931-337-2962

About Roan Capital Partners

Roan Capital Partners is a fee-only financial advisory firm serving families throughout East Tennessee from offices in Johnson City, Oak Ridge, and Crossville. As fiduciary advisors, we're legally and ethically committed to putting our clients' interests first, always.

Our team includes CERTIFIED FINANCIAL PLANNER™ professionals, CPAs, and investment specialists providing comprehensive financial planning, investment management, retirement planning, estate planning guidance, and tax-efficient strategies.

Roan Capital Partners is a registered investment adviser located in Johnson City, TN and Oak Ridge, TN.  Roan Capital Partners may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Roan Capital Partners website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Roan Capital Partners website on the Internet should not be construed by any consumer and/or prospective client as Roan Capital Partners solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Roan Capital Partners with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Roan Capital Partners, please contact the state securities regulators for those states in which Roan Capital Partners maintains a registration filing. A copy of Roan Capital Partners current written disclosure statement discussing Roan Capital Partners business operations, services, and fees is available at the SEC’s investment adviser public information website – www.adviserinfo.sec.gov or from Roan Capital Partners upon written request. Roan Capital Partners does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Roan Capital Partners website or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

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