Probate Myths You Should Ignore

Probate Myths You Should Ignore

When it comes to settling a loved one’s estate, your Knoxville, TN probate lawyer can make all the difference. At Carpenter & Lewis PLLC, we focus entirely on estate planning and business law. It means understand the whole process, and it means we know what myths you can ignore.

Myth 1: Probate Can Be Completely Avoided With A Will

Many people believe that simply having a will eliminates the need for probate. This is not true. A will is an important document that specifies the deceased’s wishes regarding the distribution of their assets and the care of any minor children. However, the will itself must be validated by the probate court before it can be executed. Probate can be simplified and streamlined with a well-drafted will, but avoiding it altogether requires specific planning techniques such as living trusts.

Myth 2: Probate Is Excessively Time-Consuming And Expensive

Another common misconception is that all probate processes are lengthy and costly. While probate can be complex, depending on the specifics of the estate and the existence of any legal challenges, it doesn’t have to be a nightmare. Some states offer simplified procedures for smaller estates, which can significantly reduce both the time and expense involved.

Myth 3: The State Takes Your Assets If You Die Without A Will

One of the more alarming myths is that if you die intestate (without a will), your assets will automatically revert to the state. While it is true that dying without a will leaves the distribution of your assets up to state intestacy laws, the state only inherits if no legal heirs can be found. It’s far more common for assets to be distributed among the closest family members like spouses, children, and parents.

Myth 4: A Will Is Public Record, So Probate Violates Privacy

Many worry that because a will becomes public record during the probate process, their privacy is at risk. While it’s true that probate records are public, the actual risk to privacy is often overstated. The details that become public are generally the same details that might be shared in any legal notices of the estate’s distribution.

Myth 5: All Debts Are Forgiven Once You Die

This is unfortunately not the case. In probate, one of the primary tasks is to settle the outstanding debts of the deceased. These obligations are paid from the estate before any assets are distributed to the heirs. If there are insufficient assets to cover debts, they may be forgiven, but typically creditors are paid first to the extent that funds are available.

Myth 6: Family Members Know Best How To Handle Your Estate

While it’s comforting to think that family members will handle one’s last affairs competently and without bias, this isn’t always the case. Emotions and personal interests can cloud judgment, leading to conflicts and potential legal challenges. This is why it’s crucial to have a clear and legally sound estate plan, and why professional guidance is invaluable.

Contact Us Today

Dispelling these myths is just the beginning. At Carpenter & Lewis PLLC, we’re here to help provide peace of mind during these challenging times. Don’t let misconceptions guide your estate planning decisions. Contact us today, and let’s plan out your future.