The Tennessee probate process governs asset administration following an individual's death. A common probate scenario spotlights court-directed oversight of the asset-transfer process from a decedent to beneficiaries specified in a will.
A trust provides you with enhanced control and protection over your hard-earned assets. Notably, a trust can protect your assets from risks like divorce, creditors, federal estate taxes and more.
It's typical for most people to update their will every three to five years. However, some situations should kickstart this process.
The relevant details surrounding an existing bank account are likely to be pretty clear when it comes time to administer a given estate.
Receiving an inheritance can be a great gift for anyone. It could be a sizable sum, a meaningful gesture or a significant responsibility that a person carries on. Under any of these circumstances, recipients can wonder when and how they will receive their inheritance.
Disinheriting someone in a will can seem like a painful slight; a way to hurt someone or reinforce the message that there was no remaining value in a relationship.
The probate process can put family members at odds with each other. Often, families fight over property, how to interpret a decedent's wishes or how to administer an estate. Whether these types of battles are expected or not, they can put immense strain on family members.
Administering a trust is a major responsibility. Whether the party in this role is an individual or an institution, it is crucial that they perform their duties lawfully and in accordance with the settlor's wishes. Failure to do this can have devastating consequences, including a contentious legal battle and removal of the trustee.
Creating a will is something every adult should do, though many have not done it. Often, people put it off because it's uncomfortable or they think they don't need one. However, the fact is that not having a will can leave loved ones without any guidance or protection.
After a loved one passes away, his or her estate and assets will typically go through probate. This is the legal process of identifying and distributing property, paying off debts and generally resolving a person's financial affairs.