Probate can be daunting for families dealing with the loss of a loved one. Navigating through probate proceedings adds a layer of complexity during an already challenging time. However, certain steps can simplify the probate process and alleviate some of the stress and confusion that often accompany it. Families can navigate this process more effectively by understanding the key aspects of probate and utilizing available resources. Understanding probate Probate is the legal process of administering the estate of a deceased person. It involves distributing assets to beneficiaries and settling d ..read more

Probate is a legal process that takes place after someone dies. It involves the administration of the deceased person’s estate, which includes their assets, debts and distribution of property to heirs or beneficiaries. Probate often stands as an intimidating term, shrouded in myths that create unnecessary fear and confusion. Many of these myths are not true, and if you are in the midst of planning your estate, you should understand what is true and what is not true about probate. Probate is a time-consuming process According to the Tennessee Courts, there is no time limitation on the probate o ..read more

If someone passes away in Tennessee, their estate goes through a legal process known as probate. Probate involves validating the deceased person’s will, if there is one, and distributing their assets according to the law. Understanding probate is an important part of the estate planning process. Validation of the will The probate process begins when someone, usually an interested party or a family member, files a petition in the appropriate court. If the deceased person left a will, the court validates its authenticity and correct execution. The judge makes sure the person had the mental capac ..read more

When you die, your assets may go through a legal process called probate. The probate process can increase the amount of time it takes for your beneficiaries to receive their share of your estate and drive up estate administration costs. You may be able to save your heirs time and money by taking steps to avoid probate. Living trusts A living trust is a legal arrangement that lets you transfer your assets into a trust while you are alive and still be able to benefit from and control them. When you die, a chosen trustee manages the distribution of the assets to your beneficiaries. Unlike wills ..read more

Medicaid, known as TennCare in Tennessee, may be able to take money from your estate after your death. There are specific rules to the process. TennCare will only attempt estate recovery if you received long-term care services through its program. A legal requirement Federal law requires TennCare to recover expenses paid out for your care from your estate after your death. However, the law does provide exceptions. For example, if you can show undue hardship, TennCare will not conduct estate recovery. Undue hardship would be if your estate is the only income for your family, your sibling lived ..read more

Estate taxes can be a confusing topic. The state does not charge them, but the federal government may. These taxes are typically only a concern for those with vast assets. The IRS explains estate taxation and how it works. You need to know this because your estate could be held up in probate if your estate taxes remain unpaid. Plus, it will allow you to plan ahead to maximize the inheritance for your heirs. Who pays federal estate taxes? The IRS levies taxation on estates based on their value. The actual amount changes yearly. In 2023, the cap was at $12,920,000, meaning estates worth under th ..read more

An executor of an estate is responsible for handling taxes, settling debts and distributing property to beneficiaries. Depending on the circumstances, the executor could also have to file court paperwork and undergo probate. Probate laws differ by state. If you are the executor of an estate in Tennessee, you should familiarize yourself with the state’s probate process. Probate court basics People with estate plans often name a specific individual to act as the executor. If there is no will, often a loved one of the deceased, such as a spouse or adult child, takes on the role of managing the es ..read more

Most wills must go through probate, which is the process of proving them valid, paying creditors, and distributing assets to heirs. Some probate cases proceed smoothly and resolve in a short amount of time. However, others can go on for months while the court tries to figure out the particulars. That is why many estate planners take steps to avoid probate, which can save you money and spare your family a long, drawn-out court battle. Here are a few strategies you can use. Buy a life insurance policy When a person purchases a life insurance policy, they complete beneficiary designations. These ..read more

Like other states, Tennessee has a provision in its laws for what is commonly called the elective share. The elective share protects the surviving spouse from being left penniless after the other spouse’s death`. Presumably, this is because, as a society, we assume that spouses want to and even should provide for their significant others. Because of the elective share, it is difficult for a Tennessee resident to cut a surviving spouse out of his or her will, simply because the spouse can then use Tennessee’s elective share laws to claim a portion of the estate during the probate process. How m ..read more

Most people create wills to protect their assets and their future beneficiaries, but what happens when someone disagrees with a will’s contents and wants to contest it legally in probate? The Balance notes that if the creation of a will does not meet all of the legal provisions, the courts may deem it invalid. Individuals who want to contest a will must prove one or several reasons exist in order for a court to throw out a will, and knowing what they are before proceeding may help these detractors proceed with their claims. Infirm mental state of the testator Those who contest a will may submi ..read more