Losing a spouse, parent, child or other family member can be one of the most difficult events in a person's life. Not only are you likely experiencing grief and overwhelming loss, but you may also have to navigate the legal system as the executor or estate administrator.
When you are creating an estate plan, you have the freedom and opportunity to make your own decisions regarding what you want to happen to your assets. However, you will want to keep in mind how your decisions could affect your loved ones, especially if you make decisions that may seem mean, confusing or unfair.
Careful preparation of digital assets is becoming an important part of estate planning. Digital assets may include sentimental items, like pictures and posts on social media, or assets with financial value, such as artistic photography, electronic currency, or revenue-generating blogs or websites. If people in Tennessee manage online stores on eBay, Etsy or other sites, they may have digital assets to consider. Preparing those assets can assist one's heirs and representatives during estate administration.
In many circumstances, when people die, they intend for their children to inherit their belongings. In fact, they may believe this happens automatically and that the children can simply move into their homes and take possession of their belongings. This rarely happens unless an estate has been carefully and legally prepared before someone's death. The deceased's property must pass through estate administration before heirs can claim it, and if the deceased left behind any debt, those creditors get first consideration.