Helping Tennessee Residents With Probate Or Trust Administration Concerns
After the death of a loved one, you may find yourself facing the responsibility of acting as the executor of his or her estate. This is an immense responsibility, and if you are unfamiliar with its requirements, it can be a daunting prospect. The team at Miller Law Firm will guide you through this process, providing honest and compassionate guidance during your time of grief.
Probate is more than just the act of transferring a person’s property after his or her death. This can be a lengthy process with various legal requirements. Missteps can unnecessarily extend probate, but we strive to provide our Tennessee clients with the appropriate probate or trust administration guidance to bring their case to a positive conclusion in a timely manner.
Guidance For A Complex Process
In probate, a court will name a specific person as the executor of the estate. You will have the responsibility of:
- Making an inventory of the estate
- Paying off any debts owed by the decedent
- Ensuring that beneficiaries receive the appropriate assets as dictated by the will .
Probate is complex, and many people misunderstand how it works. We can explain your responsibilities as executor, as well as how to avoid potential complications.
Trust Administration
The administrator of a trust will bear similar responsibilities, but a court does not appoint this person. He or she must administer and distribute assets held in the trust as specified by the person who created the trust.
Complications With Probate And Trust Administration
Probate can be a particularly complicated if there is a:
- Contest over the will
- Certain heirs are incompetent or unavailable
- If heirs cannot agree on the appointment of a particular person as the executor.
Similar issues can arise during the administration of a trust. Our team will help you address these and other complications and meet the requirements of the executor or trust administrator at the same time.
FAQs: The Tennessee Probate Process
Trust administration and the probate process can be incredibly complex in Tennessee, especially for the uninitiated. It is natural to feel overwhelmed when facing probate, but understanding the process can help alleviate stress during an already challenging time.
Whether you are an executor or stand to inherit from a Tennessee estate, the answers to common questions can help you understand probate proceedings in the Volunteer State.
How long does probate take in Tennessee?
The duration of the probate process in Tennessee varies depending on factors unique to each case. Examples include the estate’s complexity, the presence of a valid will and potential disputes among heirs.
On average, probate can take anywhere from six months to a year, but larger or contested estates may take longer. The court takes extra care amid complexities to help ensure the testator’s final wishes are honored.
How much does probate cost in Tennessee?
Just as the timeline for probate proceedings may vary, so can the potential costs. In Tennessee, the overall financial tally generally depends on the estate’s size and complexity, as well as any fees required for court filings, which typically range from $100 to $600.
Executor compensation and attorney fees can increase the costs. Executors are entitled to reasonable compensation, often between 3% and 5% of the estate’s value. Attorney expenses can add to the total but may also reduce the overall costs by helping prevent complications and estate challenges.
How do I handle out-of-state probate?
Out-of-state probate requires a process known as ancillary probate, which is necessary when the deceased owns property in another state. The executor must initiate probate in the deceased’s state of residence and then file for ancillary probate in the state where the out-of-state property is located.
Each state’s probate laws will apply to the property within its jurisdiction, and hiring an attorney familiar with the laws of both states can simplify the process.
What is exempt from probate?
Certain assets can bypass probate in Tennessee, including jointly owned property, assets with designated beneficiaries (like life insurance policies and retirement accounts) and assets held in a trust. Additionally, gifts made during the deceased’s lifetime are exempt from probate.
Learn More With A Free Initial Evaluation Of Your Case
By offering free initial evaluations of your case, you can learn more about how we can help you navigate the probate process or act as the administrator of a trust. When creating estate plans, our lawyers can also help you to potentially avoid probate altogether. Call 423-464-6852 or contact our Cleveland office online to schedule your appointment with one of our probate attorneys.