Probate is a court-overseen process to pass down one’s assets after death. This is the default path for assets that a person holds in his or her sole name at the time of death. The process can often take between 6-12 months in Tennessee. State law requires filing of a number of different documents, some of which may be waived.
What Happens During Probate?
Probate involves a formal petition to the court, presenting the deceased person’s Will or identifying intestate heirs if there was no Will, collecting assets, handling debts and expenses, and distributing assets to the Beneficiaries.
After the court admits a Will to probate, the court will issue Letters Testamentary to the Executor. This empowers that person to collect assets and handle the estate’s debts and property. If there was not a Will, the court issues Letters of Administration to the one who petitions for nomination as Administrator.
The Executor or Administrator is also known more generally as the Personal Representative of the estate.
Once the court issues Letters, there is then a four-month notice to creditors period. Local newspapers will publish notice of the person’s death for several consecutive weeks. During this time, creditors must file a claim against the estate in order to collect the debt. If they fail to timely file a claim, they cannot collect.
After the Executor/Administrator handles all debts and expenses of administration, the he or she will distribute the estate’s assets to the Beneficiaries. If the deceased person had a Will, the Executor follows the Will’s directions for who receives what. If there was no Will, the Administrator distributes assets according to Tennessee’s laws of intestate succession.
Is Probate Avoidance the Best Strategy?
Probate in Tennessee is a fairly straightforward process compared to many other states. But it still is a public process that can take a significant amount of time. Administering an estate often takes between 6-12 months on average, sometimes longer depending on the circumstances.
If you desire to pass down your legacy more efficiently, then setting up a Living Trust may be preferable for you. But for many Tennessee families, a Will-based estate plan that goes through the probate process isn’t necessarily as difficult as many people believe.
Probate with Connell Law, PLLC
Connell Law, PLLC assists families with probate and estate administration in Rutherford, Williamson, Davidson, Sumner, and Coffee Counties. Reach out today to request a consultation.