A trust is a legal entity that contains a set of instructions on exactly how and when to pass assets to trust beneficiaries. Trusts can be used for various purposes, including as a will substitute to avoid probate, maintain privacy, minimize taxes, protect assets from creditors, and preserve assets for future generations.
As the executor, it is imperative to know of your responsibilities for paying estate claims and expenses. Tennessee law states that certain “classes” of expenses and claims must be paid in a specific order. Specifically, all claims or expenses against the estate of a deceased person shall be divided into these classifications, in order or priority: 1) costs of administration; 2) reasonable funeral expenses; 3) taxes and assessments; and 4) all other timely-filed creditor claims.
When a loved one dies, often the last thing you want to think about is getting their affairs in order. Settling a loved one’s financial and personal affairs can seem daunting and overwhelming. During this difficult and emotional time, a probate attorney can guide you through the process and help you avoid costly mistakes.
Being the executor of an estate can be a time-consuming and involved task. Executors may be responsible for probating the decedent’s will, selling the decedent’s assets, paying the decedent’s outstanding debts, paying the decedent’s taxes, providing an inventory and accounting to the court and beneficiaries, and dealing with factious family members and making distributions to the beneficiaries, among other duties.
A variety of things can stand in the way of properly offering a will for probate or suing for breach of duties to a trust. One specifically of utmost importance is the statute of limitations. A statute of limitations is a statute, which prescribes a period, normally several years, which limits the time in which one can bring a cause of action.
There are several ways to make a will in Tennessee – through legal counsel, by writing your own, and in certain limited situation even by oral cantation. Tennessee statute sets forth the necessary requirements, and our case law contains a countless number of scenarios by which a will shall be deemed defective if not followed in accordance with the law.
There are many aspects of the law where it is only natural to overlook the important details when moving to another state. One of these important aspects is whether a validly executed will from another state will still be valid once moved to another state.
When a person dies intestate (without a valid will stating to whom the decedent’s property is to be distributed) in Tennessee, property can be divided multiple ways depending on the number and types of heirs-at-law, the type of property ownership involved, and whether the decedent has any valid debts. Many factors are involved which is why it is essential to understand your intestacy rights under Tennessee law when a spouse, parent, or other family member dies without a valid will.
The Importance of Estate Planning for Young Adults: What Parents Need to Know About the Law and a Child’s Eighteenth Birthday
Decorating a dorm room, rushing a fraternity or sorority, choosing a major, experiencing independence from parents, joining the workforce, taking a year off to decide what comes next – just a few things young adults can encounter after graduating from high school. Estate planning, however, is not usually on a young adult’s radar, but this is exactly when one should make sure some parts of the estate planning process are in order.
A will provides insight into a decedent’s final wishes, and a personal assessment of his or her personal relationships. If a person feels strongly that the contents of the will are invalid or that the will was procured by undue influence, then a will contest may be pursued under T.C.A. § 32-4-101 in the court holding proper jurisdiction.