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.
Trusts are a common estate planning tool used to meet a variety of estate planning goals. To maximize trust benefits, estate planning professionals frequently advise their clients to transfer real property into trusts. Placing real property in a trust can achieve estate planning goals like avoiding probate, reaping tax benefits, ensuring real property passes according to the client’s desires, and providing creditor protection.
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.
What happens when you own a piece of real property with another person or people – be they family members, friends, or even strangers – and you have differing views about what to do with it?
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.