Nashville Estate Administration Law Blog

Your last will and testament is probably the most important estate planning document you will create. Therefore, you will want to ensure that the will you draft and sign is both lawful and appropriate given your situation. Here are a few basic considerations that every Tennessee testator should keep in mind when creating such a document:

Age and mental state of the testator

One of the most important considerations when selecting an executor for your estate is to ensure that your chosen executor can effectively complete the tasks required, and/or has the capacity to learn.

While you do need to be able to trust your executor, you also need to choose a levelheaded and diplomatic executor, it's essential that he or she will be able to navigate the following duties:

• Complete and submit papers to the court to begin probate proceedings and validate the will.
• Inventory all assets that belong to the estate.
• Account for all debts owed by the estate.
• Gather assets and funds owned by the estate to satisfy debts and bills related to taxes, funeral expenses and more.
• Close credit cards and advise banks and government agencies of the death.
• File income tax returns.
• Distribute remaining assets to beneficiaries as per the instructions in the will.

Before you start planning your estate, it's important to understand the lay of the land. For example, what kinds of things do you want your estate plan to achieve, and how will you go about planning your estate to achieve them? Because most estate planners and will drafters don't know what they need or what options are available, estate planning attorneys are skilled at asking their clients the following questions:

What's the primary reason why you are creating an estate plan?

Many children have expectations regarding what they will get from their parents when they pass away. One major cause of estate disputes between heirs and beneficiaries is when these expectations are not met.

For instance, some children expect the division of assets to be completely equal. If they feel like one child got slightly more than another, a complicated dispute begins. In other cases, one child may have a very specific asset that he or she expects to get -- a family heirloom, perhaps -- and could then start a dispute when it goes to someone else.