A Will is a legal document that directs the distribution of your assets after your death and can appoint guardians for your minor children. You can have a holographic Will, which is a Will that is entirely in your handwriting. You can have an attested Will, which is a Will that is not in your handwriting and is witnessed by at least two disinterested witnesses. Tennessee is very specific about how an attested Will is signed, so it is always advisable to have a lawyer handle the signing of your Will. If you die without a Will, Tennessee's law directs the distribution of your assets after your death.
A Trust is a legal agreement between at least three parties: the grantor (the person who sets up the Trust), the trustee (the person that manages the Trust), and the beneficiary (the person or people who receive benefits from the Trust). The grantor transfers assets to the trustee who holds them, in trust, for the benefit of the beneficiaries. You can have a revocable or irrevocable Trust. Your Will can have a Testamentary Trust that is created and funded at your death.
A power of attorney is a written document where you (the principal) appoint another person (your agent) to act for you to make financial decisions (Durable General Power of Attorney) or medical decisions (Healthcare Power of Attorney). These documents are important in your estate plan because they allow people you trust to help you when you are unable to manage your finances or make medical decisions.
A Living Will is not your Will. A Living Will is a document where you write down what type of medical care you do or do not want if you are unable to speak for yourself. It is complimentary to a Healthcare Power of Attorney.
A conservatorship/guardianship is a legal proceeding where a court appoints a person to protect and manage a disabled person's assets and/or make healthcare decisions. In Tennessee, conservatorships deal with incompetent adults and a guardianship is for a minor.