Our readers in Tennessee may know that they need an estate plan, but they may not know where to start. From complex asset management to so-called simple wills, estate planning is for everyone. Estate planning basics As a recent news article on this topic noted, estate...
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Wills, Estates & Probate
Addressing tax issues during the estate administration process
You are probably familiar with the basic idea behind estate administration or probate that must be completed after someone passes away. The executor, or person in charge of administering the estate, collects the assets and distributes them to heirs. But one issue that...
Choosing an executor for your estate
Choosing an executor for your estate is an important step in the estate planning process. An executor is someone who oversees the management of your estate after you pass away. This generally involves making sure any remaining debts and taxes are paid and then...
Can my life insurance and payable on death accounts go into trust?
As a Tennessee resident with life insurance or payable on death accounts, concerns about their fate upon your passing may arise. Will they smoothly transition to beneficiaries, or could probate and creditors’ claims complicate matters? The option of utilizing a trust...
Starting the probate process and addressing will disputes
If your loved one passed away and had a will, it’s important to follow several steps in the probate process, but you may not know where to start. Probate process First, you will need to file the will with the probate court in the county where your deceased loved one...
Does Tennessee allow me to avoid probate?
As readers of this blog know, probate can be costly, time consuming and stressful for our surviving family. However, our state does allow you to avoid it in your estate plan. Living trusts One such way that Tennessee residents can avoid probate is through a living...
Why should I care about estate planning?
You have probably heard that you need to make an estate plan, but you may not understand why or even what the term “estate planning” means. Essentially, an estate plan is the plan for what happens if you become incapacitated and when you pass away. And, it only...
Avoiding overcomplications in estate planning
Most people in Tennessee who begin the estate planning process do so with the best of intentions. For most, the goal is to make a plan that makes things easy for the heirs and beneficiaries, while at the same time preparing for any worst-case scenarios that might...
Why would I want to avoid probate court?
Probate court has gotten somewhat of a bad reputation across the country. Many people in the Greater Memphis area on both sides of the state line may want to avoid it because they think it is expensive and time-consuming. Indeed, probate proceedings can cost a lot in...
Don’t forget to update your will after a divorce
Once your divorce is final, you might feel like the hard part is over. You and your spouse have divided your property and separated your finances, and you are ready to move on with your life. An important task it is easy to overlook after your divorce is updating your...