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Nashville Estate Administration Law Blog

Choose the right distribution for a child's inheritance

If you have children who have been left inheritances, it can be difficult to decide when to allow them access to those funds or assets. For the most part, children don't grasp the full value of what they've been given, so you want to wait until they're old enough to understand that they're receiving a large amount of money, a home or another valuable asset.

If the inheritance is in a trust, a trust can determine how the child receives the inheritance. Some are set up to allow for discretionary distributions. This means that the money might be used for special expenditures at the fiduciary's will as long as the beneficiary's need is valid.

Consider these three methods of asset protection

You took the time to invest and save so that you could pass on an inheritance to your children. Today, your biggest concern may no longer be growing those assets. Instead, you may be focused on making sure they're protected against taxes and other losses.

There are a few ways to protect your assets so they are properly preserved for the people you choose as your heirs. Here are three ways solid ways to protect your assets that you may not have considered.

Know your rights as a spouse in a common-law state

As the spouse of a person who has passed away, you are not certain about how well their will can hold up in court. They willed away several of the assets that you'd like to keep in your possession. As the spouse of the decedent, you believe that everything should pass to you.

As the surviving spouse, you should know that the state you're in makes a difference. Tennessee is a common-law state, which means that you are not entitled to a half interest in all property that was acquired while you were married.

Don't make these mistakes as an estate's executor

Estate administration isn't the simplest task, and if you're new to it, it can seem overwhelming. The good news is that you can work side-by-side with an attorney, so you know that you're making the right choices to carry out your loved one's wishes.

As the executor of an estate, you have the responsibility of paying off debts, taking care of the distribution of assets for the estate and other essential tasks. There are a few mistakes that you should avoid making since they could negatively impact the estate on the whole.

How soon do you have to execute a will?

Once a person dies, it is important to execute the will as soon as possible. Normally, the will first has to be filed with the probate court. Then, it can be executed.

The executor has a few responsibilities. They have to make sure that the will is carried out in accordance with the decedent's wishes and in accordance to the laws of the state. Normally, it's advisable to seek the advice of an estate-planning attorney, so that executors can be sure that they're executing the will properly.

Stop conflicts before they take your family into court

Inheritance disputes happen more often than one might think, primarily because people believe that they're entitled to a loved one's assets. In some cases, they may have been told they'd receive something that they later did not. In other cases, they feel unfairly treated by the decedent.

There are some good ways to prevent disputes like these. Here are a few things to keep in mind to stop a will from becoming a war.

3 tips to protect your inheritance

If you are left with a significant inheritance, you may not be sure how to best protect it. Whether the inheritance is money, stocks or other assets, your inheritance is valuable and has to be protected.

If you have questions about how to best use your inheritance, there are a few things you should consider, like having a cooling-off period or investing to earn more with the funds you've received. Here are a few tips.

Review your estate plan annually or when circumstances change

A person's will outlines what they want to happen with their assets when they pass away. This is often done in conjunction with trusts to ensure that things get to the correct beneficiary in a timely manner. Many people who are creating a will choose to discuss the terms of the plan with the heirs. Sometimes, there are changes that will be necessary due to changes in the person's wishes or changes in circumstances.

When an estate plan is changed, the person who is making the changes should let the heirs and beneficiaries know what's changing. This can help to take the shock factor out of them learning after the person passes away.

Explaining an inheritance to your beneficiaries

Putting together your estate plan is never easy. Naturally, one of the most difficult things in creating an estate plan is dolling out the inheritance to your beneficiaries.

You have the right to do whatever you please with your money upon your death, that's why you get to make the estate plan based on your thoughts and no one else's. But, finding creative ways to distribute your money to your children could wind up causing a lot of family problems.

Mistakes to avoid when choosing your beneficiaries

Putting together your estate plan is one of the most important things you will ever do. An estate plan can consist of a will, power of attorney, medical directive and many other items that protect you, your spouse and your heirs should you become incapacitated and when you die. Let's discuss the mistakes you need to avoid when choosing your beneficiaries.

Never name your estate as your beneficiary for a retirement plan. This will force the estate to go through probate, which could have been avoided if you named an individual or multiple people as your beneficiaries.

When you need legal help, we are here for you.

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