Probate Lawyer Knoxville, TN

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Probate Law In Tennessee

Probate refers to a court supervised process that can be required after someone dies. 

Probate gives somebody, typically the closest surviving family member, legal authority to gather the decedent’s assets, pay their debts and taxes, and transfer those assets to the people that were identified to inherit from the estate of the decedent according to the will or a court order, if there was no will. 

Probate can take six months to a year, though this can go on longer if there is a fight involving the beneficiaries of the will. This is rare, but it can happen. Having a good probate lawyer in Knoxville, TN that is focused on the probate process itself can help you better understand why such fights may occur. 

Not every asset needs to go through probate, just assets that the deceased person owned in their own name need to go through probate. Other assets pass to the new owners without oversight from the probate court. Assets going through probate court are called part of the “probate estate”. 

Some common examples of assets that aren’t part of the probate estate:

• Property that is held in joint tenancy, such as a bank account, a home, or a car. It does not go through probate as it has a second owner, and the surviving owner retains the property outright. 
• Property held in tenancy by the entirety, which means the person owned the real estate with their spouse, they’ll avoid probate court because ownership goes to the surviving spouse. 
• Payable-on-death bank accounts, or POD, is a bank account that goes directly to the beneficiary of the account when the account holder dies.
• Assets that are registered in a transfer-on-death form, this is a form that Tennessee residents can feel out and anything registered on this form are transferred directly to the beneficiary identified on the form without probate.
• Life insurance proceeds from life insurance policies specify a beneficiary, so they do not require a probate court.
• Retirement funds do not go through probate because the account holder has designated a beneficiary of those proceeds. 
• Living trust assets are held in the name of a living trustee, so they do not go through probate. 

Essential Documents Needed For Probate Court

When a family is grieving over the loss of a loved one, the thought of facing the probate process can feel both overwhelming and daunting, which is why it may be in your best interest to seek the services of our qualified Knoxville probate lawyer. Here are seven key documents that will be needed for probate:

• Last Will And Testament

This legal document outlines the deceased’s wishes regarding the distribution of their assets and the appointment of an executor to oversee the probate process. Without a valid will, the court will distribute the assets according to state intestacy laws, which may not align with the deceased’s wishes.

• Death Certificate

A certified copy of the death certificate is required to initiate probate proceedings. This document officially confirms the passing of the deceased and provides essential information such as the date and cause of death. It’s crucial to obtain multiple copies of the death certificate, as various institutions and agencies will require them during the probate process.

• Letters Testamentary Or Letters Of Administration

After the will has been submitted to the court, the appointed executor will need to obtain legal authority to act on behalf of the estate. This authority is granted through Letters Testamentary (if there is a valid will) or Letters of Administration (if there is no will or the named executor is unable to fulfill their duties). These documents empower the executor to manage the deceased’s assets, pay debts, and distribute inheritances according to the will or state law.

• Inventory Of Assets

This information provides a comprehensive list of the deceased’s property, including real estate, bank accounts, investments, personal belongings, and any other assets of value. Our Knoxville probate lawyer will share that accurately valuing and documenting these assets ensures transparency and fairness in the distribution process.

• Financial Account Statements:

Gathering financial account statements, including bank accounts, retirement accounts, investment portfolios, and life insurance policies, is crucial for probate court. These statements provide detailed information about the deceased’s financial holdings, debts, and beneficiaries, helping the executor fulfill their duties and settle the estate efficiently.

• Debts And Liabilities Documentation

This may include mortgage statements, credit card bills, outstanding loans, and any other obligations owed by the estate. Resolving these debts is a critical step in the probate process before distributing assets to beneficiaries.

• Beneficiary Designations

Finally, it’s crucial to gather documentation related to beneficiary designations on accounts such as retirement plans, life insurance policies, and payable-on-death accounts. These designations override the instructions in the will, so it’s essential to make sure they are up to date and accurately reflect the deceased’s wishes.

Our dedicated team at Carpenter & Lewis PLLC are available to guide you through the process with care and legal guidance. 

Knoxville Probate Infographic

Reach out to us today if you have questions regarding your probate case. At Carpenter & Lewis PLLC, we have four lawyers with versatile educations and memberships. Put our knowledge and experience to work for you and your loved ones. We’re here to support you when you need it most.