It’s safe to say that those in Tennessee want as much of their money and assets as possible to be passed down to loved ones when they die. However, if a person dies without an estate plan in place, they will be considered to have died in-state and their possessions will go through probate. The probate process often takes months and can be costly. Revocable or living trusts are a good way to avoid probate.
What is probate?
Probate is basically a court-supervised process to settle a deceased person’s estate and distribute their property and assets to beneficiaries. Probate is sometimes referred to as estate administration. However, the probate process can take months or even years, and assets are frozen during this time. This is often enough of a reason to seek probate avoidance.
Benefits of living trusts
Those who want to avoid putting their loved ones through the tedious probate process can do so by using a living trust. With a living trust, assets held within the trust avoid probate and are distributed immediately following the trust creator’s death. Also, everything that passes through probate becomes a part of the public record. Living trusts, on the other hand, are private documents.
Where to get help
Living trusts are effective tools for avoiding probate and ensuring property and assets can be passed directly to loved ones. Those in Tennessee who have questions or want to know more about trusts may want to consult with a legal professional. An experienced estate planning attorney can ensure trusts and other estate planning documents are set up correctly.