Understanding the Probate Process in Tennessee
What is Probate?
Probate is the court supervised process of transferring property out of a decedent's name into a living person's name. We, as a society, do not allow property to remain in a decedent's name because the decedent cannot pay taxes or maintain the property.
When a person passes away, his or her assets must be disbursed according to the estate plan. If you do not leave an estate plan (a Will or Trust), then the property is distributed according to state laws through the probate process. At Melinda Buck Brown, LLC, our probate lawyer in Tennessee helps you through the probate process. Contact us by either using the online form or calling us directly at (865) 535-5335 to schedule a Consultation and learn more.
Overview of Probate in Tennessee?
Probate is the process by which a deceased person's assets and belongings, known as their estate, are passed on to their heirs. The probate process can look very different, depending on whether the decedent had a valid Will at the time of death.
The Stages of Probate
After a decedent passes away, a petition is filed with the court asking the court to open probate. The next step is to identify the executor or personal representative of the decedent's estate and request that the court approve the personal representative.
Once the executor is approved or appointed by the court, the executor must:
- Notify the heirs;
- Publish notice for any creditors;
- Take inventory of the estate (e.g. bank accounts, retirement accounts, stocks and bonds, real estate, personal effects); and
- Secure all assets.
The four (4) month claims period begins once the notice to creditors is sent out by the Court after the executor is appointed. Once the claims period expires, all creditors must be paid. Only after creditors have been paid and all assets are transferred out of the decedent's name, can the estate be closed.
Do You Need a Probate Lawyer in Oak Ridge?
A probate lawyer offers important services that can help speed up the probate process. A probate lawyer can help with the:
- Identification and securing of estate assets
- Appraisals for the decedent's real property
- Resolution of any estate issue
- Preparation and filing of all documents required by a probate court
- Transfer of assets to beneficiaries
- Collection of proceeds from life insurance policies
- Payment of bills, debts, and applicable taxes
- Management of the estate checking account
Contact a Probate Lawyer in Tennessee Today
We are here to help you with your estate plan so that probate doesn't seem so challenging. If you are the executor or beneficiary of an estate, we can also guide you through the probate process so you aren't so overwhelmed. If you have questions, contact Melinda Buck Brown, LLC either online or at (865) 535-5335 to schedule a consultation with our estate planning lawyer today.