When someone passes away, their estate will normally have to go through probate before their assets are distributed to their beneficiaries. This complex legal process involves settling the decedent’s debts, inventorying their assets, and resolving any legal challenges that might arise. Whether you’re preparing an estate plan or have been appointed as the executor of a loved one’s estate, the following guide highlights a few points you should know about probate law.
Most probate cases take at least six months to resolve, but some go on for much longer. If the decedent had complex investments or a family member claims the will is fraudulent, the probate process can go on for years. Careful estate planning can minimize disruptions to ensure a decedent’s heirs receive their inheritances as quickly as possible.
If two people on a real estate title share joint tenancy with rights to survivorship, the property will automatically transfer to the survivor without going through probate. You may also name “transfer on death” beneficiaries on your bank accounts or car titles, ensuring your loved ones have access to those resources without going through probate.
Trusts are independent legal entities that take control of your assets while you’re alive. Since those assets no longer belong to you, they don’t have to go through probate with the rest of the estate.
Assets must go through probate in courts where they’re actually located. As a result, the process can become even more complicated for people who own property in several jurisdictions. For instance, if the decedent lived in Tennessee but owned a beach house in Florida, the bulk of their estate would go through probate in their home state. The vacation property, on the other hand, must go through probate in Florida, along with all of its contents.
Estate planning can be a complex project, but the professionals at Trailhead Estate Planning can help make the process easy to understand. With their background in probate law and experience serving clients throughout Signal Mountain, TN, they can help ensure your wishes are respected without unnecessary delays. Visit their website to learn more about their probate law services, or call (423) 228-7029 to schedule an appointment.
Use of this website does not constitute legal advice or form an attorney/client relationship.