Matthew S. Wood Attorney at Law

Matthew S. Wood Attorney at Law License attorney focusing on helping families plan for the future and protect thier rights in the present.

08/11/2025

In the past few years I have had some eye opening experiences. Most of the time clients contact me requesting a will or trust. While those are essential documents, often times persons who have not had a power of attorney drafted force their children to turn to the court for a conservatorship. That process can delay care and cost the family upwards of $10,000.

You can avoid those expenses and many others that the traditional will cannot provide. Feel free to reach out to see for a free consultation.

[email protected] or message me.

03/18/2025

If you do not have an estate plan prepared or are over 65 and have not updated your estate plan in 5 years, contact an attorney that specializes in elder law and estate planning. If not me, someone.

As any attorney who works in this area will tell you, often times people put off planning until it is too late.

At a minimum you need a Durable Power of Attorney, Living Will or Advanced Directive and a Will. Some may need a Trust. Fewer may need a specialized Trust. Read my prior post to see what is best for your particular situation or contact me for a consultation.

Regardless, talk to your family and create a plan today.

08/22/2024

Irrevocable Trust.

An irrevocable trust in its basic form means two things to most clients. First, it means that thier assets are protected from creditors (or 5 years after the creation and funding of the trust for Medicaid) and second, they no longer own thier property.

I say “basically” because beginning in 2007, TN added new laws to provide people with assets protection while retaining some control. For more information Google, “Tennessee Asset Protection Trust” or TIST. These irrevocable trust allow the person creating the trust to retain the ability to replace the trustee should they need to.

Trust are complicated. If you are considereing one, you need to talk to an attorney that practices in that area. If you have followed my post, in many cases I have discouraged the now popular practice. However, there are many cases where they are best practice.

Regardless of whether you need a will, a revocable trust, an irrevocable trust or a special trust (special needs, TIST, DAPT or otherwise) I would be glad to discuss your individual needs.

08/18/2024

Have you had a ticket and are concerned about losing your license or an increase in insurance rates?

Contact me for a free consultation.

06/22/2024

If you do not have an estate plan and you are 1) over 55, 2) have children, or 3) have a disability or a child with a disability, you need one.

You need to decide what happens to your assets should you get ill. You need to have someone who has the ability to act on your behalf if you cannot. You need make sure your loved ones or spouse are taken care of.

Estate planning has never been easier. Contact me today and we can setup a virtual consultation from the comfort of your home to discuss the options available to you.

05/01/2024

"TRUST" Me

In the last decade, more people are setting up trusts. Historically only 1-5% of Americans set up some type of trust when developing their estate plans. As of 2021, that number has changed to nearly 20%. Often they are oversold, I have seen trusts that accomplish nothing more than if the person setting up the trust had died without any estate planning tool. On the other hand, a trust can provide many benefits that other estate planning tools do not.

So, do you need one? It depends…

Several types of trusts may be beneficial to persons creating their estate plans. First, I will discuss the most popular trust, the revocable trust or as it is often called the living revocable trust.

Living Revocable Trust

The term living means the trust is set up while the grantor (the person setting up the trust) is alive. The term revocable means that the grantor can revoke or end the trust at any time they choose. These types of trusts are simple to maintain and cause little tax issues as the income is still reported on the grantor’s taxes. This is a good thing, the tax rate on irrevocable trust income (we will discuss later) is nearly 40% after the trust makes $7500. So, if your retirement tax rate is 15-20% these trusts save tax from income the trust generates.

The downside is that any type of revocable trust does not provide protection from liability or claims (if you are sued or the state is recovering nursing home expenses). Essentially, because you have the freedom to end the trust or move funds yourself, the court (and the IRS) views assets held in a revocable trust no different than if the same funds were in your checking account.

So why might I consider a Living Revocable Trust?

1. Avoid Probate - Probate can be expensive depending on where you live and your assets. Probate can also take time depending on where you live. When you die, your estate will go through probate (a court process that ensures your property is transferred to its new rightful owners). In TN, the minimum amount of time it takes to open and close an estate is 4 months. Perhaps you don't want your family to have to go through that process or the expense. By setting up a living revocable trust, when you die, you have no assets to probate because the trust owns everything. The person you named as successor trustee (in control of the trust after you die) will simply distribute the assets according to the trust provisions you had your attorney draft.
2. You are interested in privacy. That is property titled in your trust will not show you as the owner. Additionally, when your will is probated, your estate becomes open to the public. Often clients desire that their decisions remain private. A living revocable trust allows you to keep your estate planning confidential.
3. You own property in different states. Probate doesn't have to be expensive and in many cases, it's preferable to the creation of a trust. However, if you have real estate in different states, your heirs may be forced to probate assets twice. That's right, double the fun and expense. If those properties were owned by a trust, you have just avoided probate in two states.

Next, I will discuss irrevocable trust as well as several other options available under TN law including TIST and DAPT’s.

If you have been putting off your estate planning, I'd be glad to talk to you about what option is best for your situation. Feel free to message me or contact me by visiting my website at tnedlaw.com.

03/15/2024

What happens if you die intestate, or without a will?

After your death, your assets will be distributed according to the TN intestate laws. As to exclusive property (property owned solely by the deceased), the law dictates that such property shall pass as follows:

1. Surviving spouse if there are no children.
2. Children if no surviving spouse.
3. If spouse and children, then spouse gets 1/3 of entire estate or a child's share.
4. If either #2 or #3 are applicable and one of the decedents children have already passed, then that portion will go to the deceased child's children.
5. If the deceased person had neither spouse nor children, then their property will pass to their parents first then their siblings.
6. Only if there are no siblings, or other relatives, would a person's estate pass to the state.

As you might imagine, seldom does one’s estate go to the state. Therefore, the first reason to have a will is not to avoid the government getting your property, but rather ensuring that the people you want to receive your property actually receive it. Perhaps you wish to leave everything to your spouse, a will can ensure that happens. In short, a will provides you with control over your property.

Often times, a will minimizes potential family disputes after your death. Documenting your last wishes ensures that everyone is aware of how and to whom your property is to be given. A detailed, clear will also makes probate smoother and less stressful for your family.

A will also allows you to pick whom will be in charge of your estate. You, rather than the court, will pick someone you trust to make sure things are done as you have directed. A person may also include their end of life wishes and final arrangements in their will.

Lastly, a will provides you an opportunity to plan for minor children. I often encourage clients to consider including a testamentary trust in their will to take care of their minor children should both parents pass away. This is extremely important as one of the last things an 18-year-old needs is access to the proceeds of a large life insurance policy. It is also encouraged that parents of minor children nominate a guardian in their wills.

In conclusion, a will provides peace of mind. Having a will carefully drafted ensures that at the time of your passing, everything will be taken care of.

03/08/2024

Power of Attorney’s come in different varieties (See previous post). Depending on what you have asked your attorney to draft will dictate what should be included and what should not be included.

As to a Limited Power of Attorney, it’s relatively straight forward. You want to make sure the language is broad enough to provide your representative the authority to complete the task you need them to do but not exceed that authority. Lastly, you may consider placing a termination date or other language such that the authority ceases after the designated purpose has been completed.

When drafting a Springing Power of Attorney, you want to be sure that there are clear guidelines as to when your representative receives the powers you have granted them. For example, if your named representative gains power after you are incapacitated, you want to have a simple but clear process in place so not to cause a delay in your agent taking actions on your behalf. Such requirements may include a signed letter from your physician confirming your incapacity.

If you are executing a Durable Power of Attorney, the most important decision you will make is picking someone you can trust. You are giving them the power to act before and after your incapacity, so choose wisely. Language needs to be included to allow them to make financial decisions, real estate transactions, filing taxes, and access to any safety deposit boxes. One often overlooked item is access to digital accounts including social media and email. It is not uncommon that family members need to access email and other online accounts on behalf of an ill or injured person; yet, they are denied access because their DPOA did not provide that access. If you already have a DPOA and digital accounts are not included, check with the service provider and they can often provide ways to designate a third party access (See Legacy Contact for Apple and Google).

Next we will discuss the Last Will and Testament.

03/01/2024

There are several types of Power of Attorney (POA).

Limited vs. Durable vs. Springing

A Limited POA gives the party you name the ability to act on your behalf for a specific purpose, a specific time or both. These are often created for the convenience of one party for a specific purpose. For example, an individual who lives out of state can appoint a sibling living in state to assist with a probate matter on thier behalf. This saves time and money on closing an estate.

A Durable POA gives the party named the power to act on your behalf at anytime whether or not you are incapacitated. If the document is crafted properly, there is no need for lengthy court proceedings and additional cost to ensure your wishes are carried out. This is the most common estate planning tool.

A Springing POA gives the party you name the power to act on your behalf when certain conditions are met that you have had your attorney included in the POA. While Springing POA provides additional protections and security for the person executing the POA, it can also cause delays when your representative attempts to act on your behalf. Nethertheless, given a particular clients needs, Springing POA’s still have a purpose.

Choosing the right POA can be complicated and you should consult with your attorney.

Next we will discuss some important things that should be included in your POA.

02/20/2024

In addition to an Advanced Directive for Health Care (See Earlier Post), a comprehensive estate plan should also include a Durable Power of Attorney.

Unlike a will, which isn't effective until you pass away, a power of attorney allows someone to act on your behalf, during your life, should you become incapacitated.

25% of 20-year-olds will become disabled before retirement while only 13% of that same group are likely to die. (Maleh and Bosley 2023). So, while having a will is crucial, executing a Durable Power of Attorney is essential.

Lastly, powers of attorney are revocable. That means you can change your representative, the powers such person holds or when those powers become effective. You may also revoke the document in its entirety.

Up next, I'll cover the types of Powers of Attorneys.

02/04/2024

The Advanced Directive For Health Care (ADHC)
Frequently Asked Questions

1. Does an ADHC have to be notarized?

No. It's best, but the document can also be signed by two witnesses.

2. Who can be a witness?

Almost anyone. The law prohibits the following people from being a witness to an Advanced Directive. First, the person you’re appointing as your agent. Second, you can only have one relative (blood/marriage or adoption) serve as a witness. Third, a witness cannot be someone who is financially responsible for your care. Fourth, the witness cannot be your surrogate. Lastly, the witness cannot be your attending physician.

3. Can I appoint my child to make my decisions?

Yes, so long as they are a competent adult or they are emancipated.

4. What if I change my mind?

The easiest way is to create a new ADHC. You will also want to notify your loved ones and physician so they are aware of the changes you have made. Unlike a will, which you may wish to keep private until you pass, sharing your wishes with your loved ones and health care provider ensures there are no issues should your representative need to use the document. TCA 68-11-1804(d)

5. I’m young without children, do I still need to fill this form out?

Absolutely! Often times this is recommended for children who are leaving the nest. It takes the burden off loved ones in the event of your incapacitation It also ensure you choose who makes those decisions and what those decision will be.

6. If I do not have an ADHC, who makes my decisions if I cannot?

According to the Tennessee Health Care Decisions Act, the following individuals have authority to act in descending order. 1) ADHC Agent 2) Court Appointed Guardian or 3) A surrogate named by your health care provider. Such surrogate MAY be given preference in the following order 1) spouse 2) adult child 3) parent 4) adult sibling 5) adult relative lastly, 6) anyone familiar with the patient and willing to serve. TCA 68-11-1806.

7. If someone names me their agent and I make the decision to end their life, can I be held liable?

No, agents acting in good faith are immune from both civil and criminal liability. TCA 68-11-1810(b).

Next, we will discuss one of the most important estate planning documents, the Power of Attorney.

01/26/2024

The Living Will

First, do not confuse a “living will” with a “living trust”. The “living trust” is an estate planning tool that is often used to avoid probate (We will discuss that later). The living will is a document used to communicate your desired medical treatment should you not be able to make such decisions. Beginning in May 2017, the state provided one form, “The Advanced Directive for Health Care” to assist citizens. This new form consolidated the provisions of a living will and a health care power of attorney (a document that designates who has the power to make such decisions on your behalf).

In short, the Advanced Directive for Health Care (ADHC) tells your doctor how you want to be treated if you are ill or incapacitated. It also provides you the ability to name the person or persons who can make those decisions for you if you cannot. While most people think about a will, they often overlook a ADHC until it is too late.

Lastly, this is completely FREE, I have included a link for you to download the form below. If you have questions about the form, it’s best to contact an attorney who is experienced in elder law or estate planning to assist you with your decisions.

Next week I will provide answers to some frequently asked questions concerning ADHCs.

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