Avoiding Probate

For Tennessee residents the procedure for probate is usually quick and relatively inexpensive. There are, however, certain situations where avoiding probate may save estate-administration expenses while maintaining family privacy. Various estate-planning tools, such as a well-drafted, validly executed, revocable living trust may avoid the need for probate in addition to providing family privacy after death. Whether a revocable living trust is right for you depends on the facts your particular situation. Often it is, but in many situations there is either no need for one or the costs do not outweigh the benefits.

Additional ways of avoiding Probate Court

Revocable living trusts are not the only way to avoid probate. Joint ownership of assets with rights of survivorship and beneficiary designations on payable-on-death and transfer-on-death accounts are other methods which, if done properly, can transfer property outside of probate. A critical, but often overlooked area is the titling of assets and beneficiary designations. For your estate plan to be carried out the way you desire it is of the utmost importance that that the titling of your assets and beneficiary designations be reviewed and, if necessary, changed so that they are consistent with the other estate-planning documents you have executed. The failure to do so can lead to unnecessary tax liabilities and even undesired distributions to beneficiaries.