As many residents of Tennessee have probably heard, creating a trust is one way residents can eliminate, or at least greatly simplify, the probate process.
Like other states, Tennessee has a provision in its laws for what is commonly called the elective share. The elective share protects the surviving spouse from being left penniless after the other spouse's death`. Presumably, this is because, as a society, we assume that spouses want to and even should provide for their significant others.
Creating a will is an important step for almost anyone in Southeastern Tennessee to take. Doing so can save a lot of trouble for one's family after one's death, as a well-drafted will should give clear instructions about how a Cleveland resident wants her property handled after she dies.
When a Tennessee resident dies without a will, it may be difficult for the family to decide who should be the executor of the deceased person's estate. To review, an executor is a person appointed by the probate court to gather the deceased's property, pay off debts, and then distribute the balance to the person's lawful heirs. It is a powerful position that also comes with a great deal of responsibility.
Many people living in Cleveland, Tennessee, and in the other neighborhoods in and around Chattanooga may have a natural desire to plan their estates so as to avoid probate. The probate process has, after all, gotten somewhat of a bad name in recent decades as a time-consuming and expensive legal obstacle.
Previous posts on this blog have talked some strategies for avoiding probate, which, to summarize, is a court-supervised process of dividing up a deceased person's estate either according to his or her will or the laws of Tennessee.
With talent and success often comes an amassed estate that grows over a person's lifetime. For successful musicians, their legacy lives on after their death as their music often continues to bring financial security, even after a person passes on. For musician Glen Campbell, his widow is moving to protect her inheritance after his recent death. A court battle has been ongoing and for the recent widow, she is moving to assure she gets 40 percent of his behest.
When you have lost a loved one, there is so much to handle, both logistically and emotionally. Losing someone you care about is not easy, yet it is something most all of us will experience in our lifetime. For people who lose close family members, like parents and siblings, there may be legal matters to handle when it comes to the person's estate. Some people have a clear and defined estate plan, while for others, it may be less obvious.