![]() ![]() The division of the contents of the estate can be a lengthy process as a Last Will and Testament must pass through probate court before the beneficiaries can receive their inheritance. Tennessee Last Will and Testament – This legal instrument allows a testator (creator of the will) to outline precisely how they wish their estate to be divided among their beneficiaries following their death. Signing Requirements – No statutory definition however, it should be signed by the principal and it is recommended that the signature be notarized.The successor trustees will be able to transfer the Trust’s contents to the beneficiaries without the living trust document passing through probate court. They’ll then list successor trustees to which the management of the trust will be transferred upon the grantor’s death. More often than not, they’ll assign themselves as trustee so that they can oversee the management of the entity. The individual creating the Trust, the grantor, is able to benefit from the Trust’s assets during the remainder of their lifetime. Tennessee Revocable Living Trust – A Revocable Living Trust is a legal entity into which an individual can transfer the ownership of their assets. ![]() When transferring an estate, an owner will have two (2) legal instruments from which to choose a Living Trust, and a Last Will and Testament. Signing Requirements – No statutory definition of the signing requirements however, it must be signed by the Principal, and it is recommended that it be signed in the presence of two (2) adult witnesses or a notary public.įinancial Powers Allowed: TN Code § 34-6-109 (2015). ![]() The form enables the creator to determine whether the powers of attorney will be bestowed immediately following the signing of the instrument or at such a time when the principal’s physician has determined their health insufficient in handling financial affairs. The financial agent should be a trusted individual, someone who is able to make sound financial decisions and continue the administration of the principal’s assets as if the principal was of full mental and physical capacity.ĭurable (Financial) Power of Attorney – The Durable POA can be executed by the principal when they are of sound body and mind to designate a financial attorney-in-fact. The individual defined in a Durable Power of Attorney document will be required to act on the principal’s behalf should they become incapacitated by managing their finances according to the principal’s wishes. Ī financial agent can be selected before or after a medical attorney-in-fact.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |