If you’re reading this, you might be facing the loss of a loved one and the process of trying to figure out what happens or what to do with their belongings. It’s a journey I’ve been through myself, and while it can feel overwhelming, I’m here to walk you through it step by step. This guide will help you understand if probate is necessary, how it unfolds in Tennessee, and what to consider when hiring a probate attorney. Let’s tackle this together.
What is Probate?
Probate is essentially a legal roadmap for transferring property that belongs to a deceased person into the name of a living person, often a relative, through the court system. While many people can avoid probate by using estate planning tools, it’s not always possible. Under very specific circumstances, it is a good idea to go through probate!
Does My Loved One’s Estate Require Probate?
Not every estate needs to go through probate. If your loved one had a funded living trust, or if their assets were held in joint tenancy or had designated beneficiaries, you might be able to bypass probate. However, if they owned assets solely in their name without a beneficiary designation, probate will likely be necessary. It’s a good idea to review the asset structure your loved one had in place to determine the best course of action.
If you aren’t sure what your loved one owned at the time of their death, it is a good idea to reach out to an attorney. Our attorneys at Graceful Aging Legal Services, PLLC can run a search to find out where assets might be held and if there are any likely outstanding bills. In the meantime, you will want to collect any mail that comes to the deceased to see if you can locate any assets.
The Probate Process in Tennessee
In Tennessee, the probate process begins by filing a petition with the county court where your loved one lived. The court will appoint a Personal Representative (often named as executor if there is a will) to oversee the estate. The Personal Representative plays a crucial role in ensuring that each step is completed accurately and in compliance with state laws.
We like to explain it the Personal Representative’s job as a three-step process:
- Gather assets. This includes anything that is owned individually by the deceased person, including personal property from their residence, money in bank accounts, vehicles, and more. The Personal Representative (also called an “Executor”) will make an inventory of what your loved one owned so that everyone can be aware of what is in the estate. It’s important to remember that even if you are listed as the executor in a Will, you do not have any authority until the court officially appoints you. The Personal Representative will open an estate account with an FDIC insured financial institution in order to deposit assets as they are collected or proceeds from things that are sold.
- Pay costs and creditors. In Tennessee, there is a specific formula for how probate estate funds are applied to expenses and debts. First, the costs of administration are paid. This includes all court costs, attorney fees, and other fees like storage or shipping. Second, funeral expenses can be paid. Third, any taxes or government claims are paid, including TennCare. Last, any debts that are filed against the estate and validated by the court are payable to those creditors. These are usually things like final medical expenses or credit cards.
- Distribute to inheritors. Once all of the deceased’s assets are gathered and costs and creditors are paid, the Personal Representative will know what the final balance of the estate account is. In some cases, there isn’t enough money in the estate to pay all of the bills, and that should be discussed with the estate attorney. Otherwise, it’s time for what everyone has been waiting for- getting their money! The Personal Representative will divide the remaining balance into shares based on the Will or the law and distribute those amounts to those who inherit. The estate attorney will work with the Personal Representative and inheritors to collect statements that everyone has received their share, or if that cannot be done, to complete an accounting of the estate. Once all the paperwork is completed by the Personal Representative and inheritors, the estate attorney will ask the Court to close the probate estate.
Duration and Costs of Probate in Tennessee
The timeline for probate can vary widely, typically ranging from six months to over a year, depending on the estate’s complexity and any disputes that might arise. As for costs, these can include court fees, attorney fees, and executor fees, all of which depend on the size and intricacy of the estate. It’s important to budget for these expenses as they can add up quickly.
In most counties, just filing probate is $300-500. So if you can avoid probate while getting your loved one’s assets distributed appropriately, it’s a good idea. Most attorneys charge hourly for probate work, which can add up quickly. However, the estate attorney should have efficient processes to keep the costs as low as they reasonably can.
You can help the estate attorney by turning in all of your paperwork on time, replying to their questions, and helping to get documents signed by any other inheritors. We like to say that the more families delay or fight, the more money probate lawyers make. While differences are normal in families, remember that the more time an attorney spends dealing with disputes, the more money they make and less money is available to the inheritors.
Choosing a Probate Attorney in Tennessee
Finding the right probate attorney is like choosing a trusted partner for this journey. You’ll want someone experienced, transparent about their fee structure, and communicative. It’s essential that they’re approachable and willing to provide regular updates. If you have friends or family who have been through the process, ask them for recommendations. Check out google reviews and check the Board of Professional Responsibility’s attorney search to make sure an attorney is licensed and in good standing before you sign an agreement for them to handle your case.
Conclusion:
Probate can feel daunting, but with the right knowledge and support, you can manage your loved one’s estate with confidence and care. Remember, you’re not alone in this process. With a reliable attorney and a clear understanding of the steps involved, you can honor your loved one’s wishes and ensure their estate is handled with the respect it deserves.
If you have questions about transferring the assets of your deceased loved one, we’re here to help. Feel free to reach out to us for more information about your specific situation.
