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Estates
The Tennessee law of Estates addresses a number of
topics. In general, each of these estates are overseen or supervised
by a court. Since the court does not have the time or resources to
individual oversee and administer each estate, the court typically appoints
a personal representative who is charged with the duty and granted the power
to administer the assets of the estate.
There as several types of estate under Tennessee law.
These include but are not limited to
Probate Estates. These estates exist for the
limited purpose of collecting the assets of the deceased, paying the
claims of creditors, paying tax obligations, and distributing the
remaining assets pursuant either to the terms of will and/or pursuant to
the laws of intestate distribution if there is no valid will.
Minor's Estate. This is an estate which is
created when a minor (someone under the age of 18) inherits or receives
substantial assets. Sometimes, these estates are created when one or both
parents die. Sometimes they are created when a grandparent or other
relative dies and the child inherits substantial funds. In other
instances, such as when a child has been seriously injured in a personal
injury accident, the estate is created to ensure that the child's assets
are protected until he or she reaches the age of 18.
Incompetents. The law has provisions to
protect those who do not have the mental capacity to take care of their
personal affairs. In some instances these individuals lack mental
capacity from birth. In other instances, they may have had mental
capacity but are determined to have lost it by accident, injury, disease
or even age.
Each of these types of estates can involve problems which
cannot be adequately handled in most instances without the assistance of an
attorney. We would be pleased to meet with if you have a need in one
of these areas to discuss your options.
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