Probate Lawyer Knoxville, TN

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Probate Law in Tennessee

Probate is 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. 

7 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 a qualified Knoxville, TN probate lawyer. Our dedicated team from Carpenter & Lewis PLLC are available to guide you through the process with care and legal guidance. One of the first steps in probate proceedings is ensuring you have all the necessary documentation in order. In this article, we’ll outline the seven essential documents you’ll need for probate court, providing you with clarity and peace of mind during this challenging time.

• Last Will and Testament

The cornerstone of any probate case is the Last Will and Testament of the deceased. 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

One essential component for probate proceedings is to have a detailed inventory of the deceased’s assets. This document 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

In addition to assets, it’s essential to compile documentation of the deceased’s debts and liabilities. 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 ensure they are up to date and accurately reflect the deceased’s wishes.

Knoxville Probate Infographic

Talk to your probate lawyer in Knoxville, TN today if you have questions about what goes through probate court. Carpenter & Lewis PLLC has four lawyers, with varying educations and memberships. You can find a probate lawyer Knoxville, TN that you like that suits you and your case. Every lawyer has a different background, and you might connect with a specific lawyer in the firm because of their background, and that is okay.