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Nashville Estate Administration Law Blog

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

Understand how to make your will legal to avoid conflict

Sometimes, there are will contests over the validity of a will. If there is any concern that a will is not valid, then the beneficiaries may turn to the court to find out the opinion of the judge. They may contest what's inside and show why they believe it should not be valid.

As someone who does not want your beneficiaries to fight following your death, you should know what makes a will valid and what you can do to protect the will you create.

Take time to protect your inheritance after receiving it

Inheritances are fairly common in the United States, and they can be a great way to receive property or assets from a loved one who has passed away. Inheritances can include property, stocks, funds and other investments, giving you a step up in life thanks to your loved one's hard work.

If you are to receive an inheritance, one of the things you may be asking is what you should do when you receive it. Once you receive the assets or money that your loved one left for you, it's essential that you are prepared to protect it.

What can you do if you think you're an heir to an estate?

Heirs and beneficiaries stand to inherit a portion of a loved one's estate. Depending on the estate's value and the terms of the inheritance, heirs could be receiving thousands of dollars or property worth even more.

Not all estates contain a will, and with that comes trouble for heirs and beneficiaries. Without a will, the heirs and beneficiaries have to go through the probate process and seek out what they're owed. In fact, only four in 10 American adults have a will, which makes everything much more complicated.

With singer's death, inheritance questions prevail

Some parents ask a very difficult question, "Can I disinherit my child?" There are various reasons that you might want to disinherit a child, from the reality that they don't need any of your assets to the realization that they would misuse it.

The real question here is if you should be able to disinherit a child, and the answer is a resounding, "yes." Once your child is over 18, there is nothing you owe them in terms of your assets. Raising a child to adulthood grants you the authority to leave them an inheritance or nothing at all.

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

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