Why Would I Want to Avoid Probate in Tennessee?

The many possible options for financial planning for the future are overwhelming. Choosing the right option for you can be difficult. Whether you are creating a will, trust, or both, it can be challenging to know what steps to take that will ultimately provide your estate the most protection and help you avoid probate. You may ask yourself, “Why would I want to avoid probate in Tennessee?”

Why Avoiding Probate Is Beneficial

Avoiding probate can be very beneficial for your heirs, beneficiaries, and estate administrator. First, it is helpful to define what probate is and how that process plays out after death. Probate is the court-supervised process of distributing a deceased individual’s assets. The process can be expensive, time-consuming, and offer little privacy. Working with a probate lawyer can help you navigate this process, ensuring that your estate is handled efficiently and according to your wishes, potentially avoiding the need for lengthy probate proceedings.

Below are key reasons why avoiding probate may be advantageous:

• Saving Time: Probate can be a long process, even taking years to complete in complex cases where there are disputes. Avoiding probate can give heirs access to assets more quickly. Assets that are held in a trust are generally distributed immediately upon death and avoid the probate process.
• Reducing Costs: Ultimately, probate requires many fees, including court fees, attorney fees, and administrative costs. If you avoid probate, you can avoid additional costs that add up during the process.
• Maintaining Privacy: Probate is a public process, which means that the details of the estate, such as the assets and debt amounts, are accessible to anyone. This is often a key consideration for an individual seeking to pursue confidentiality, as sensitive family and financial information may be exposed in the probate process.
• Minimizing Family Disputes: Avoiding probate through estate planning tools like trusts and joint ownership can reduce ambiguity that may give way for disputes to arise.
• Maintaining Control: Using alternative solutions, such as a living trust, for closing out and distributing an estate can give the grantor more control over the specific terms of asset distribution. Without a specific plan, state laws will determine how assets are distributed. Taking steps to avoid probate can ensure that the deceased’s wishes are respected.

How Can I Avoid Probate?

Avoiding probate involves structuring and planning your estate so that your assets pass directly to your designated beneficiaries without going through the court-supervised probate process. In some cases, however, disputes may arise, and having a probate and estate litigation lawyer can be crucial. They can help resolve conflicts related to the validity of a will, asset distribution, or the handling of your estate, ensuring that your intentions are respected and legal matters are addressed appropriately.

Consider the following key strategies to avoid the probate process:

• Create a Living Trust: A living trust is a way to transfer ownership of your assets to the trust while you are alive. These assets bypass probate and go directly to beneficiaries.
• Use Beneficiary Designations: Create accounts, such as 401ks and life insurance policies, that allow you to name specific beneficiaries. They will receive these assets immediately upon your death.
• Own Property Jointly: Property that is jointly owned will avoid probate, as the surviving owner will automatically inherit the property.
• Use Gifting Strategies: You may choose to give assets to heirs during your lifetime. This can reduce the size of your overall estate.
• Keep Assets in Accounts That Avoid Probate: It is a good strategy to keep assets in accounts that don’t go through probate, such as joint bank accounts, retirement accounts with named beneficiaries, and insurance payouts with named beneficiaries.

FAQs

Can You Avoid Probate in Tennessee?

Yes, it is possible to avoid probate in Tennessee through various estate planning methods. Probate is the legal process of validating a will, paying outstanding debts, and distributing assets after an individual dies, which can be both time-consuming and expensive. There are ways to avoid probate by planning ahead, including creating a revocable living trust, having joint ownership of property, or even simply giving gifts to your heirs while you are still alive.

Do All Estates Go Through the Probate Process in Tennessee?

Not all estates go through the probate process in Tennessee, as there are several methods to avoid probate, depending on the types of assets in the estate and how they are owned. Probate is generally required if an estate is worth a certain amount, if there are any outstanding debts that need to be paid, if there is real estate property or assets in the deceased individual’s name only, and if a will needs to be validated.

What Assets Are Exempt From Probate in Tennessee?

Assets that are generally exempt from probate in Tennessee and can be passed directly to the beneficiaries include assets that are held in a revocable living trust, assets with a designated beneficiary, jointly owned property with right of survivorship, transfer and payable on death accounts, and gifts given by the deceased while they were alive. Consult with an estate planning attorney to figure out if you can avoid probate.

Do You Need a Probate Lawyer in Tennessee?

While it is not a legal requirement that you partner with a probate lawyer in Tennessee, their support may be vital if your deceased loved one’s estate has to go through probate. A lawyer can walk you and your family through the probate process, ensure that you are in adherence to all laws and regulations, and help you avoid any legal troubles.

How Much Does It Cost to Hire a Probate Lawyer in Tennessee?

The cost of hiring a probate lawyer in Tennessee can vary based on the specific factors and considerations of your case. These key factors can include the attorney’s experience level and reputation, the complexity of the estate, the fee arrangement, and the specific jurisdiction. Because of the many variables impacting cost, it is vital to speak with your lawyer about financial expectations during your initial meeting.

Get Free Legal Consultation for Probate Cases

If you are interested in creating an estate plan that avoids the probate process, it is helpful to meet with a trusted estate planning lawyer as soon as possible to discuss your available options. Contact the Emmack Probate and Estate Law Group today and schedule an initial consultation to learn how our legal team can support you through this process and see that all of your goals are met.