Whether you are selling or buying a home or Commercial property in Tennessee, or determining how to leave this property to your heirs, my office can help. I handle a broad range of real estate related issues including wrongful foreclosures in Tennessee, preparing real estate closing documents in Tennessee, drafting of Tennessee Wills, and the creation of Trusts.
Transferring Real Estate to decedents either before or after you pass, is an important item on the estate planning check-list. It is important to plan ahead for these events to ensure that your largest assets are protected and passed along as you intend. John Frank Higgins can help you with Real Estate Notes, Deeds of Trust, and other mechanisms to ensure your final intentions are carried out.
Some of the questions you will need to consider include: How do you protect your Real Estate Assets if, as you age, you need to rely on nursing home care? What is the best process to transfer Real Estate to a decendent to minimize tax liability? How do you transfer Real Estate assets to multiple decedents? All of these questions are quite common and real concerns for people wishing to preserve and pass on their Real Estate assets.
If you need help navigating the options to secure your Real Estate Assets, please email firstname.lastname@example.org for a free consultation.
WILLS AND PROBATE
What do I do when someone dies without writing a Will in Tennessee?
As we all know, people die unexpectedly. Even the most organized of us can overlook the importance of writing a Will. A Will in Tennessee is a document that gives instructions on how to give away your property when you die. Just because you don’t make a Will, doesn’t mean that your property won’t be given away according to a statutory scheme. In the case that you did not write a Will, the Tennessee State Legislature devised a scheme to get rid of your assets. I refer to this as a “pre-written” Will that has been designed by law. A “pre-written” Will is a statutorily written way to tell the living how to distribute property. In Tennessee, the instructions on how property is distributed can be found the in Tennessee Code, Title 31, Decendent and Distribution, Chapter 2 will show you what happens someone’s probate estate. If you need help with this area of the law feel free to contact John Frank Higgins for further explanation at 615.496.1127 or email me at email@example.com.
What is Probate?
When you hear the word “Probate” one usually thinks of the distribution of assets and paying debts and bills after someone dies. There is also a special Tennessee Court referred to as the “Probate Court,” which is under the jurisdiction of the Chancery Court. The Chancery Court can deal with several different issues, including what to do with Tennessee Property and money when someone dies. This Court can also deal with issues having to do with interpreting a Will.
Trusts are a very specialized and unique area of the law in Tennessee. If you need or have questions about a particular trust that you may want to set up, please contact me directly as these can be very complex and require that I receive specific information from you.
What is a trust?
A Trust can be set up for many different reasons. It is usually set up to protect someone’s interest in money or other assets from others (or themselves). There are a few terms that you need to know. A trust is made up of a “Trustee” and/or a “Beneficiary.” The “trustee” is the person or entity that has legal title to property for another person who is called a “beneficiary.” There are many different types of Trusts and arrangements that can be established, and the rules for each can get quite complex.
Why would I need a Trust in Tennessee?
Trusts can be a very good tool to help you or your family avoid the hassle of going through probate. Probate can be expensive and time consuming, thus a Trust may be a good option for you. To have a Trust that is effective, you will need to draft a Will. Should you obtain property after your written will, and then pass away, the Will protects the property that was not formally written in the will. If this already sounds to complicated, feel free to call our office at 615.496.1127 or email us at firstname.lastname@example.org. There are a lot of legal websites out there that try to make this process seem easy- however- it is always better to consult with a professional before trying to do this on your own.