Losing a loved one is one of the most devastating and challenging things to face. When a loved one passes away, the last thing the family wants to think about is how their loved one’s estate will be handled. In Tennessee, if a person dies without a plan in place, their estate may have to go through probate. Probate is a lengthy and sometimes expensive court process of distributing the deceased person’s property and assets. Here are two ways to avoid the probate process.
Trusts
Trusts are one of the most popular tools that are used to avoid the probate process. A trust is a legal document in which the trust creator transfers ownership of property and assets to the trust and authorizes a trustee to manage them. Trusts can avoid probate because the things in a trust technically belong to the trust and are not part of the deceased person’s estate. When the trust creator dies, the trustee distributes the assets under the terms of the trust instrument.
Own property jointly
If property is owned jointly, it can automatically be passed to the surviving owner(s) when one owner dies. For instance, if spouses own property together (jointly) and the wife passes away, the property may go directly to the husband without going through probate. A few ways to hold assets and property jointly include joint tenancy with right of survivorship, community property with right of survivorship and tenancy by the entirety.
Legal help is available
When a loved one dies, it can be frustrating for families to deal with all the legalities involved with settling their relative’s affairs. Those in Tennessee who have questions or want to know more about probate or estate administration can get help by speaking with an experienced legal professional. A knowledgeable attorney can answer difficult questions and help families avoid possible roadblocks.
