In the state of Tennessee, the probate process is necessary for estates that own real property or are worth more than $25,000. Probate can be a complex and lengthy process, but with the help of an experienced attorney, it can be handled with ease.
Here are the steps involved in the probate process:
- Presentation and filing of the will to open the estate.
- Formal appointment of an executor or personal representative who has the authority to act on behalf of the estate.
- Creation of an inventory of estate assets by the executor.
- Notice to beneficiaries and creditors of the probate process by the executor.
- Satisfaction of the estate’s debts and distribution of assets per the terms of the will.
- Closing of the estate.
It is important to understand which assets are included in the estate and subject to probate and which assets pass outside the estate. Assets that are designated as Payable on Death (POD) or Transfer on Death (TOD) immediately pass to named beneficiaries or joint asset owners without becoming part of the estate.
Geiger Law can help with these matters and ensure that the estate is properly administered. Our firm also assists beneficiaries seeking to protect their rights in these processes, including challenges to wills and administration of estates.