Dealing with the loss of a loved one can be exceptionally difficult, especially when coping with loss also means properly administering the loved one’s estate. If you have been named as an executor or a beneficiary in a Will, it is important to understand the Tennessee probate system in order to lawfully transfer assets and close an estate.

Administering an Estate

The first step when administering an estate is to find the decedent’s original Last Will.  Often, Wills are stored in secure places such as a safe-deposit box at a bank or a home safe. The Last Will will say who are the named executor(s) and beneficiaries, and include if any trusts were established. Once the original Last Will is located, it is important for the executor to begin collecting asset information. It is essential to know what the decedent had in terms of bank accounts, retirement accounts, life insurance policies, account beneficiaries, outstanding debts (including mortgage loans), and any other valuable items including personal property and collections. The executor is the individual who will work closely with a probate attorney and the court in order to administer and close the estate. The executor of the estate is also considered a fiduciary, which means that he or she is legally required to protect the estate’s assets and act in the best interest of the estate. Knowing this key information before starting the probate process with the court will make the process simpler and quicker.

The Probate Process

In Tennessee, the first step in the probate process is to file the decedent’s Last Will with the Court, along with a petition to probate the Will. Once the petition is approved, the executor will receive Letters Testamentary (aka Letters of Administration), which serve as a legal identifier of the executor’s authority. These Letters will be used to close the decedent’s personal bank accounts and open an estate account. The Letters will also be needed to forward mail, collect retirement assets and life insurance proceeds, sell a house if necessary, and notify any creditors of the decedent’s passing. Any asset that does not include a beneficiary designation or lists the beneficiary as the estate of the decedent will be transferred into an estate bank account. This account will be used to distribute money to named beneficiaries of the estate, pay any final taxes due, and any necessary fees including probate costs and attorney fees. Any account that already has a named beneficiary will be payable directly to that person and will not be included in the probate process. Collecting assets, distributing to beneficiaries, filing final taxes and closing probate with the court can sometimes take a year or more. Depending on what assets are included in an estate, different probate options may be available which would reduce the amount of time spent administering the estate.

Find the Right Help

Coping with the death of a loved one is a process that takes time. Having to deal with the probate process during this time can be confusing and burdensome. Having an attorney who understands what you are going through will make administering an estate a quick and easy process in order to alleviate additional stress during this difficult time. It can be extremely confusing for an individual to fully administer an estate or trust without the guidance of a legal professional. Hiring an attorney as soon as possible after a death can save significant time and frustration.

If you recently lost a loved one, or have been named as an executor or beneficiary in an estate, contact the Slaughter Law Firm today for assistance with probate.