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Nashville Estate Administration Law Blog

Ask for help if you're appointed to be an executor

Whenever someone dies, it is important for their estate to be managed and collected for distribution. Estate administration involves a number of steps. These include collecting the assets belonging to the estate, paying the debts owed on the estate and distributing any remaining assets.

The person who will take care of managing the estate is called the executor. This person could be someone the decedent knew and appointed to the position or may be an attorney or bank official. If there is no will, the court will generally appoint someone to be the executor. This would normally be a family member or surviving spouse. Sometimes, there is more than one executor appointed.

Get the right help to distribute assets to heirs

If your loved one has passed away, then you may be tasked with taking care of their estate. Sorting out an estate can be a lot of work, but there are some tips that can help you simplify the process.

To begin with, realize that the executor is going to be the person in charge of handling the estate. If there is no will or trust in place, then a probate court may appoint an administrator to handle the estate's distribution and to resolve any remaining issues with the estate.

Choosing a trust could protect your estate

A trust is an interesting fiduciary arrangement that places your assets into the hands of a third party who is entrusted with their safety. The trustee holds those assets to later distribute them based on your wishes as stated in your will or estate plan.

There are many reasons to have trusts, with one of the main being that some can help reduce your estate's value. This could prevent you from paying estate taxes or could reduce the taxes you owe.

Take the right steps to manage your inheritance

You never expected to be left an inheritance but now that you've been informed that you have one, you aren't sure what to do. The truth is that it's a lot of money to receive, and you don't want to spend it all without considering the consequences.

The smart thing to do in your case is to reach out to a financial planner and tax professional as well as your attorney. An inheritance can be a huge benefit, but only if it's managed correctly.

Joint wills: Old legal documents with few benefits

An interesting type of will that many people don't know about is a joint will. It's a unique legal document in that it allows a surviving spouse to inherit the entire estate upon their spouse's death.

Joint wills are executed by two or more people at the same time. Usually, they're made for married couples, combining their last will and testaments. With joint wills, the surviving party is able to receive the entire estate when their spouse dies. Usually, when the second party passes, the estate then passes to the spouses' children, if they have them.

Appointed to be an executor? Get the right help

If you've been appointed as the executor of a will, you may be unsure of your duties. That's where your attorney can help. As an executor, you have to follow through on the duties you're assigned including:

  • Paying taxes on the estate
  • Distributing assets in accordance with the will
  • Paying the estate's bills
  • Going to court when necessary
  • Maintaining the estate until settlement

If you are appointed as an executor, do you have to take the role?

Are inheritances taxed in Tennessee?

For someone receiving an inheritance, it can be an exciting moment. For the person who has to decide what inheritance to leave behind, it can be complicated. As someone who is trying to leave assets behind for your loved ones, you may not be sure how much of an inheritance to leave to each child or person you care about. You may not be sure how to leave the inheritance so that they use it wisely or that they get it when they need it most.

For the most part, inheritances are made up of cash or assets such as bonds, cars, jewelry, real estate or other tangible assets. Inheritances can be taxed, and inheritance taxes are likely to be larger for those who are not related or who are distantly related to the decedent.

Get help with an inheritance in Tennessee

An inheritance is a gift that is left behind by someone who passes away. Beneficiaries and heirs may be waiting for a specific inheritance that they've been told they'll receive, or they may be surprised to find out that a loved one has left them assets following their death.

As an heir to an estate, rights are governed by inheritance law. Inheritance laws vary by state, so it's important to have an attorney on your side to help guarantee that the inheritance that has been left to you will not be distributed to others. Tennessee is not a community property state, so you should be able to receive the inheritance as stated, even if the decedent's spouse or children argue that it should go to them.

Yes, wills do have limits that you have to rememeber

Wills are an important part of the estate-planning process, but many people don't have them. When wills aren't in place, the estate will go through probate, which takes much longer to resolve.

You may not have a will because of the limitations you believe they have, but it's a good idea to put one into place. Still, it's smart to know the limitations, so here are some to remember.

Your inheritance may be restricted: Here's how

If you're going to be inheriting money, there are some things you should know. When someone leaves you assets in their estate plan, it probably won't be as easy as giving your bank details and collecting funds. Instead, you'll have to go through a series of steps to make sure that the inheritance is processed correctly and to minimize potential delays and legal consequences.

Often an inheritance can't be paid at once. The will dictates how you'll receive an inheritance. Your mother, father or other loved one may have decided that you should receive your inheritance in installments rather than in a lump sum. The will or trust dictates how it will be paid

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

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