A Trust Isn't Just for the Wealthy — It's for Families Who Care About How Things Go
A properly structured trust can keep your family out of probate court, protect minor children, and give you control over how your assets are distributed — regardless of the size of your estate. We've been helping West Tennessee families set up trusts for more than 40 years.
Trust vs. Will: Which One Does Your Situation Actually Call For?
This is the question we hear most often, and the honest answer is: it depends. A will is a legal document that directs how your assets should be distributed after you pass — but it goes through probate, the court-supervised process that validates the will and oversees the transfer of property. A living trust, by contrast, allows assets to pass directly to your beneficiaries outside of probate entirely.
If your estate is straightforward and your heirs are adults with no competing interests, a will may be all you need. But if you own real property, have minor children, are in a blended family, or want to control the timing and conditions of distributions, a trust often provides more protection. We evaluate each client's situation individually and recommend the right tool for their specific goals — not a one-size-fits-all document.
How a Living Trust Keeps Your Family Out of Probate Court
Probate is the legal process through which a court validates your will and authorizes the distribution of your estate. In Tennessee, probate can take months — sometimes longer — and it comes with court costs, attorney fees, and public record requirements. A funded living trust avoids all of that.
When you place assets into a revocable living trust during your lifetime, those assets no longer pass through your estate at death. They transfer directly to your named beneficiaries according to the terms you set — without court involvement, without delay, and without the costs that probate carries. For families with real property or financial accounts, this can represent a meaningful difference in what your heirs actually receive and how quickly they receive it.
If you want to understand what happens to an estate that goes through probate without a trust in place, our probate and estate administration page walks through that process in detail.
Revocable vs. Irrevocable Trusts: What the Difference Means for You
Revocable Living Trust
A revocable trust is the most common tool for probate avoidance and estate planning. You create the trust, transfer assets into it, and retain full control during your lifetime — you can modify it, revoke it, or change beneficiaries at any time. At your death, the trust becomes irrevocable and assets pass to your beneficiaries outside of probate. Because you retain control, assets in a revocable trust are still considered part of your taxable estate and are not shielded from creditors during your lifetime.
Irrevocable Trust
An irrevocable trust removes assets from your estate permanently. Once established, the terms generally cannot be changed without the consent of your beneficiaries. In exchange for giving up that control, assets in an irrevocable trust may be protected from creditors and excluded from your taxable estate. This structure is used in Medicaid planning, asset protection strategies, and certain situations involving estate tax exposure. It is a more advanced tool and requires careful planning before execution.
We will tell you plainly which structure fits your situation — and why.
Trusts Are for Families Like Yours
There is a common assumption that trusts are something wealthy families use to manage large estates. That assumption causes a lot of families to skip a planning step that would genuinely benefit them.
A trust can be the right tool if you:
- Own a home or other real property in Tennessee
- Have minor children and want to control when and how they receive assets
- Are in a blended family with children from a prior relationship
- Want to leave assets to a beneficiary with special needs without affecting their eligibility for government benefits
- Want to avoid a public probate proceeding
- Have a specific distribution goal that a simple will cannot accomplish
You do not need a large estate to benefit from a trust. You need a situation where the right structure makes a difference — and we can help you determine whether yours qualifies.
Choosing a Trustee: Who Should Manage Your Trust
The trustee is the person or institution responsible for managing trust assets according to your instructions. During your lifetime, if you establish a revocable living trust, you typically serve as your own trustee. You will also name a successor trustee — the person who steps in if you become incapacitated or when you pass away.
Choosing the right successor trustee matters. That person will be responsible for managing and distributing assets, keeping records, filing required tax returns, and communicating with beneficiaries. It is a real administrative role, and the person you choose should be organized, trustworthy, and willing to take it on.
Common choices include a trusted adult child, a sibling, a close friend, or a professional trustee such as a bank trust department. We discuss trustee selection with every client and help you think through the practical implications of each option — including what happens if your named trustee is unable or unwilling to serve when the time comes.
What to Expect When You Work With Us
Initial Consultation
We review your assets, your family situation, and your goals. We ask the questions that surface what a will can handle and what a trust does better. You leave with a clear recommendation and an understanding of why.
Trust Drafting
We draft your trust document — revocable or irrevocable — along with any supporting documents your plan requires, including a pour-over will, powers of attorney, and beneficiary designations.
Funding the Trust
A trust that isn't funded doesn't work. We guide you through the process of transferring assets into the trust — real property, financial accounts, and other holdings — so the plan you put in place actually performs as intended.
Ongoing Support
Your estate plan should reflect your life. If your family situation changes, if you acquire new property, or if you want to update your beneficiaries, we are here to help you keep the plan current.
Questions Families Ask About Trusts in Tennessee
How do I set up a trust in Tennessee?
You work with an attorney to draft a trust agreement that names you as the grantor, identifies your trustee and successor trustee, and specifies how assets should be managed and distributed. Once the document is signed and notarized, you fund the trust by transferring assets into it. Tennessee does not require court approval to establish a living trust — it is a private legal document.
Is a trust better than a will in Tennessee?
Not always — it depends on your situation. A will is simpler and less expensive to create, but it passes through probate. A funded living trust avoids probate entirely and gives you more control over timing and conditions of distribution. For families with real property, minor children, or blended family dynamics, a trust often provides more protection. We can tell you which fits your circumstances.
Can a trust be changed after it's created?
A revocable living trust can be amended or revoked at any time during your lifetime. An irrevocable trust generally cannot be changed without the consent of the beneficiaries and, in some cases, court approval. Most families start with a revocable trust precisely because it preserves flexibility.
Does a trust avoid estate taxes in Tennessee?
Tennessee does not have a state estate tax. A revocable living trust does not reduce federal estate tax exposure because you retain control of the assets during your lifetime. An irrevocable trust, structured correctly, can remove assets from your taxable estate for federal purposes. If estate tax planning is a concern, we will discuss whether an irrevocable structure makes sense for your situation.
What happens if I don't have a trust and I die without a will in Tennessee?
Your estate passes through Tennessee's intestate succession laws, which distribute assets according to a fixed formula — not your wishes. Your estate will go through probate, and the court will determine how property is divided. This process can be slow, costly, and may not reflect what you intended. Planning ahead, whether with a will or a trust, avoids that outcome.
Take the First Step Today
40 Years of Estate Planning in West Tennessee
The Law Office of T. Verner Smith has been helping families across West Tennessee plan their estates for more than four decades. Our team — including an office manager and litigation paralegal with nearly 30 years of tenure — brings real experience to every plan we prepare. We serve clients across a wide range of circumstances, and we are direct about what each situation calls for.
If you are ready to find out whether a trust is the right tool for your family, reach out to us. We are available by phone 24 hours a day, seven days a week, and you can also reach us by text.
Call 731-423-1888 or text 731-244-2868 to get started.