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.
We work our entire lives to save money, build our estates and leave a legacy behind to our children. The thought that a massive chunk of our estate will get consumed by the government can be particularly troubling. As such, estate planning lawyers have devised a host of strategies that can help families reduce their estate tax burdens over the years. But are these strategies even necessary in 2018?
No one ever celebrates the probate process, but they certainly like to celebrate the day that it's over. This is when the assets of the probated estate begin to get distributed, and the beneficiaries get to benefit from whatever moneys that were left to them. Also, even if the estate doesn't have any assets involved with it, family members will usually breathe a sigh of relief and feel a sense of closure that the estate is finally settled.
In a perfect world, we would pass away and the loved ones named in our will would instantly receive the assets we've bestowed upon them. However, because numerous disagreements can arise during the estate distribution process -- and because creditors get a chance to lay their claims upon the state prior to distribution -- an estate needs to go through probate before its assets can be distributed.
Most estate planners in Tennessee will want to avoid probate. However, there are many situations when probate avoidance strategies aren't practical; or, it's simply too late to avoid probate and the owner of the estate is already deceased. Regardless of the situation, you might be curious who actually handles the probate process, which -- depending on the complexity of the estate -- could be a difficult process to navigate for the average Davidson residence.
When it comes to choosing an executor, you should carefully consider your options. Being an executor requires a lot of responsibility, and depending on the complexity of your estate, it could require specialized financial and legal knowledge to carry out those responsibilities effectively.
Tennessee heirs will not always be satisfied with the mandates of a deceased relative's last will and testament. In some cases, heirs will suspect that foul play was involved, and the will does not reflect the decedent's true wishes. This could inspire them to contest the will.
No one wants their heirs and beneficiaries to have to go through probate proceedings. The process can be slow and costly to complete. Nevertheless, every Tennessee estate must be reviewed and closed out by a Tennessee probate court. This, however, does not mean that your heirs should have to wait for their inheritances.
The famed Canadian-American actor Alan Thicke, who rose to prominence on the beloved situation comedy "Growing Pains," died six months ago. Now, the actor's estate has fallen into dispute in Los Angeles Superior Court. The dispute relates to a 2005 prenuptial agreement between Thicke and his wife, and the way the agreement conflicts with a 1988 trust that was amended in 2016.
Nobody wants to probate their loved one's estate. The months after losing a loved one are emotionally difficult, and trying to navigate a complicated legal process on top of this can seem like it's next to impossible. Nevertheless, as much as the probate process is loathed, there are some benefits.