The untimely death of a loved one is often devastating. At a time like this, the last thing family members want to think about is what will happen with the deceased’s estate. However, when someone dies without an estate plan, property or assets typically go through the probate process. Probate can take many months and is usually something to steer clear of. Here are some ways families can set up an estate plan to avoid probate in Tennessee.
Trusts
Trusts are one of the most popular ways to avoid the probate process. A trust is a legal document allowing a trustee to hold property and assets on behalf of a beneficiary. Trusts avoid the probate process because the contents of the trust are legally not a part of the deceased person’s estate. Trusts can be set up in several ways and can specify when and how the contents are passed on to the beneficiaries.
Own property jointly
Making a spouse or another person a joint owner can allow for transferring the property without going through probate. When one owner dies, property that is owned jointly will typically pass to the surviving owner(s). Spouses are a good example of this. Tenancy by the entirety, joint tenancy with right of survivorship and community property with right of survivorship are some ways to hold property jointly.
Where to get help
Families can be granted peace of mind when they know property and assets can avoid a lengthy and public probate process. Those in Tennessee who need help or have questions about probate or estate planning could benefit by speaking with a knowledgeable legal professional. An experienced attorney can assist families with creating a plan to fit their specific needs.