Recently, attorney Jim Higgins stopped by Nashville’s NewsChannel 5 Talk of the Town Extra to discuss some steps to take when meeting with a Tennessee probate attorney after a death. When a person passes away, you may not exactly know where to turn next. If you have been nominated as an executor of an estate, you understandably may feel overwhelmed with so much to do. Often an estate will need to go through the probate court to ensure that creditors are paid and assets are distributed. A Tennessee probate attorney can help you through the probate process. The video below discusses what steps should be taken when meeting with a Tennessee probate attorney after a death. If you have any further questions regarding the probate process in Tennessee, contact the Nashville probate lawyers at The Higgins Firm.
If you have experienced the death of a loved one, you know that the period of time following his or her passing can be a confusing and trying time. You may not know what to do or where to turn. If the person who passed, also known as the decedent, left behind assets, there are certain requirements that must be met in order to transfer those assets to the rightful recipients under the law. Those assets may or may not be required to go through the probate process in Tennessee. If you have questions about Tennessee probate, contact one of our Nashville probate attorneys.
Following the death of a loved one, one of the first things that should be done is a review of the decedent’s important documents. Many people may keep all of their essential documents together in a file or in a particular location. Reviewing these documents will help you to have a better picture as to discovering what types of assets or debts that the decedent may have had. An inspection of ownership documents of an asset can also enable you to determine whether or not an asset is a probate or a non-probate asset.
Also, looking through these documents may allow you to determine whether the decedent left behind a will or not. A will is used by the probate court to determine where any probate assets should be distributed. As mentioned above, there are both probate assets and non-probate assets. The probate courts in Tennessee will oversee the transfer of any probate assets.
There is good news for those who may be looking to utilize the small estate option in Tennessee. Recently, Governor Bill Haslam signed into law an amendment to the Small Estate Act. The amendment increases the size of an estate that may utilize a small estate affidavit from $25,000 to $50,000. This increase will allow even more individuals to look toward the small estate option.
So what are the benefits of a small estate administration? First and foremost, the small estate administration is a much faster process than fully probating the estate. While fully probating an estate will take at least four months, a small estate can often be opened and closed in the court within the same day. This allows any creditors to be paid faster and beneficiaries to receive their portion faster as well. Also, another benefit is that attorney’s fees will be much lower with a small estate. Because a small estate is a more streamlined process, there will not be as much legal work that needs to be done by an attorney.
You may be wondering what limitations are put on a small estate? There are two main qualifications regarding the small estate administration in Tennessee. The first qualification is that the value of the decedent’s property must not exceed $50,000. Second, the Small Estate Act requires that the property must be comprised of personal property individually held by the decedent at the time of passing. Personal property does NOT include any real property, or real estate in other words. If the decedent’s estate is valued at more than $50,000 or if the estate includes real property, then a small estate administration cannot be used. Rather, the estate would likely have to be fully probated.
As a Tennessee probate attorney, I field many different questions from clients and potential clients. Popular misconceptions or “urban legends” are the motivation behind some of these probate questions. Many people will assume a particular fact because they heard it from a friend or family member. However, like many areas of life, it is always best to take these probate “urban legends” with a grain of salt. If you have any probate questions, be sure to contact the Nashville probate attorneys at The Higgins Firm.
One of those popular misconceptions is that leaving one dollar to an heir in your will is the only way to disinherit that person. The thought process behind this concept is that by leaving a dollar to an individual in a will, that person cannot inherit any more than that amount. However, leaving a dollar to someone in your will is completely unnecessary. While the disinherited will in fact receive only a dollar, there is a much easier way if you are seeking to disinherit an individual. The alternative is as simple as not naming that individual within your will.
Some wills include an introductory clause stating that the decision to not provide for those not listed within the will is intentional. This is allows everyone to know that those not listed within the will have been excluded without the necessity of specifically naming individuals. By leaving someone out of your will, you are able to accomplish the goal of disinheriting the individual without calling more attention to the situation.