Tennessee law, as in most jurisdiction, addresses what
happens to the assets and liabilities of an individual upon death.
In Tennessee, as in all states, an individual may exercise substantial
control over their assets by the preparation and execution of a properly
drafted will. A properly drafted will may also generate substantial
tax savings for the estate if the value of the estate exceeds the
inheritance tax limits under state and federal law.
Under Tennessee law a will must be prepared in
conformity with the requirements of the applicable statutes.
Generally, this requires a determination of whether the individual making
the will (the testator or testatrix) has sufficient mental faculties to
know what they are doing as well as the requirement that the will itself
be witnessed by at least two (2) witnesses. As a practical matter, a
will is almost always executed in the presence of at least two witnesses
and a notary public.
Some of the topics which are addressed in a typical
the nomination of an individual, individuals or
business to serve as the executor or executrix of the probate estate
during the period of administration;
a statement of whether the statutory bonding
requirements (which can be expensive) are to be enforced or waived;
a statement of whether the statutory inventory
requirement is to be enforced or waived;
a statement of whether the statutory accounting and
reporting requirements are to be enforced or waived;
a plan of distribution which may include specific
transfers (bequests) to individuals, entities or charities as well as
the disproportionate distribution of assets to heirs and other
beneficiaries of the estate;
the creation of one or more testamentary trusts; and
instructions on whether to sale or retain real estate
If you, your parent or grandparent are in need of
estate planning, please feel free to contact us for an appointment.