While Tennessee residents have a great deal of leeway when it comes to what goes into their estate plan, some basic information will usually be in most plans. For instance, a person’s last will and testament can include a variety of information and provisions. However, it should include certain facts and provisions that will prove invaluable to the executor when the time comes.
One of the primary functions of a will is to appoint an executor. This person will take on the responsibility of administering the estate after death. Numerous tasks must be completed in order to do so. For this reason, it would be advisable to appoint someone trustworthy and able to make good decisions on behalf of the estate. The executor does not need to be an accountant or an attorney, but he or she should have the ability to seek out the appropriate assistance in carrying out his or her duties.
The executor will need to know how to handle the deceased individual’s debts, and it would be a good idea to make some provision for this task in the will. In keeping with needing to make certain payments on behalf of the estate, the payment of any outstanding taxes will also need addressing. Once these types of housekeeping issues are handled, the executor can then turn to distributing the remaining assets of the estate.
Of course, these are not the only issues to address in a will, but the more information and instructions the executor has, the more smoothly the probate process will most likely go. A will is about more than just determining who will inherit what assets as it is also about wrapping up a person’s life. Tennessee residents would probably benefit from working with an attorney in order to make sure that the will remains valid and contains everything they want to express and pass on after death.