Probate is often a necessary part of estate distribution after the death of a loved one, but it's not always an easy part. Depending on how the estate was designed, it can be a long and tedious process to go through probate and eventually settle the estate.
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.
Challenging a will isn't easy; in the vast majority of cases, decedent and his or her attorneys will have appropriately drafted and executed the will. However, if the right circumstances exist, it's certainly is possible to successfully challenge a will on legal grounds.
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.
Not everyone can contest a will. The individuals who can contest a will must be people who stand to benefit in the event that (1) the will is invalidated and the estate will be distributed according to Tennessee intestacy laws, (2) in the event that the will is invalidated and this results in honoring a previous will or (3) in the event that a subsequent will is honored.
You love your art collection, which is why you want to pass it on to your favorite people as a part of their inheritances. However, bequeathing art the right way takes advanced preparation to ensure that your loved ones benefit from your art pieces without suffering from tax burdens, arguments over who gets what and other probate-related nightmares after you're gone.
Anyone who has experienced the mental and physical decline of a parent with dementia remembers the moment when they realized their parent's health situation was serious.
If you're planning your estate, you may be doing it more for your loved ones than anyone else. Although you will benefit from having a power of attorney in place for your health care and financial concerns in the event of your unexpected incapacitation, a sound and well-thought out estate plan will be of great benefit to your family members after you're gone -- especially in terms of the probate process.
If you've considered drafting a trust as a part of your estate plan, you probably have some specific trust benefits in mind. Indeed, while trusts might not be for everyone, from an estate planning perspective, these highly flexible documents offer their creators -- and their beneficiaries -- some distinct advantages over a traditional will.
If you're creating a basic estate plan, the most important document you'll need to execute is your last will and testament. Your will establishes guidelines for the dispensation of your estate assets and achieves other important things.