Last week residents in Tennessee and across the United States celebrated the life of Martin Luther King, Jr. on his birthday. As people remember the legacy he left behind, there is also something to be learned from his personal legacy. Right now, his family is in a battle over documents that he apparently gave to his former secretary. These kinds of disputes, while trying, are not uncommon as more than half of all families in America are without a will.

How can Tennessee residents start their estate planning? Sometimes it is as simple as asking yourself a few important questions. One of the biggest reasons for creating an estate plan is for the sake of children. If you have young children, it is important to name a guardian for them. Although the likeliness of people passing away before their 80s is low, it is a safe practice to legally name a guardian. Estate planning professionals say one of the biggest hang-ups that people have when making this decision is overanalyzing their choice. A good rule of thumb is to trust your gut when making this decision. The person who pops into your head first is usually a good bet. Once a guardian is named, it is not set in stone. As the children grow up and relationships change, parents can always change the named guardian for their children.

Another issue to consider is the size of your estate. If a person does not own any property and has a relatively simple estate, they may be able to get away with just having beneficiaries for their assets. These include bank accounts and retirement accounts. Keep in mind that it is important to update your beneficiaries regularly so that your assets are not accidently left to someone you didn't intend the assets for, such as ex-spouses or those who have passed.

On the other hand, if your estate is large or if you have special requests as to how your assets will be divided, estate planning is crucial in order to avoid possible probate and to ensure that your requests are carried out properly. Setting up a trust or a will is a step that will secure your wishes in the future and help calm confusion among heirs.

Source: Forbes, "A Common Sense Approach to Estate Planning," Nancy Anderson, Jan. 19, 2012