Were you named as the executor for a loved one’s will? What about the successor trustee of a trust? Whether you talked about this choice beforehand or the decision came as a surprise, you may feel overwhelmed about taking on the matter of probate and estate administration. Luckily, you do not have to do it alone.
If you are handling a will, it must pass through probate. In Tennessee this is a court-supervised process that addresses three main issues, the first being to prove that a will is valid and true. Secondly, the process ensures that the deceased’s property is fully transferred to the intended beneficiaries. The third is to make sure that there are no creditor claims on the transferred property. Probate processes are also public, and there are several steps that must be completed along the way.
Not everyone likes the idea of probate, though. If your loved one wanted to keep his or her affairs private or hoped to avoid the associated costs, trusts may have been used instead. Trusts can be somewhat more complicated and often involve the transfer of complex assets, such as retirement accounts, insurance benefits and more. You should be certain that you understand how trusts work to avoid making mistakes that could potentially cost the estate a tidy sum.
Being entrusted with a loved one’s final wishes can be a great honor. However, it can still be a slightly overwhelming role to take on. Help from experienced professionals is often useful for people in Tennessee who are worried about handling the probate and estate administration process for their loved one’s estate.