The costs associated with probate include an initial filing fee and publication fee. Ultimately, the attorney’s fee, executor’s fees, costs related to the sale of the property, and costs related to obtaining a death certificate must be paid.
Can Someone Realistically Navigate the Probate Process on Their Own?
A sophisticated person who has a legal background might be able to navigate the probate process on their own, but I wouldn’t recommend it. Many people come to my office after having failed to successfully complete the probate process on their own. They may have already filed some documents and received a hearing date, but end up lost. Ultimately, they conclude an attorney is needed to get them through the probate process.
What Generally Happens Once the Probate Process is Complete?
Once the probate process is complete, the value of the estate will have been reduced due to payments made to creditors, taxes, filing fees, attorney’s fees and executor’s fees. Ultimately, we will distribute assets to the beneficiaries. At the conclusion of the probate, the executor will be discharged as the executor and relieved of any further liability regarding estate assets. This is because those assets will have been distributed to the beneficiaries.
What Sets You and Your Firm Apart in Handling Probate Matters?
There are several reasons why my firm is set apart from the rest in handling probate matters. I have been handling probate in multiple jurisdictions for several years, and have been very successful at handling a number of very complicated probate administrations. We have special expertise in dealing with difficult beneficiaries and complicated issues. I personally handle a lot of these cases, which means that I’m the point of contact for the executor. We really try to take our time to educate the executor and walk them through every step of the process to ensure that they are fully informed and have reasonable expectations. Some of the larger law firms have their clerks or paralegals doing most of the heavy lifting on the probates, whereas we try to maintain a more personal touch between the attorney and the executor.
Additional Information About Probate in Tennessee
It’s important to know that when a person has a living trust and there are a number of creditors, the executor or the successor trustee is in a better position of leverage. For example, if someone has a $20,000 credit card bill, we can have that amount negotiated down to a few thousand dollars. In the probate process, however, the creditor files a creditor’s claim and they are guaranteed to be paid the full amount owed on that claim. In other words, they are not going to negotiate down because they know that they are guaranteed to get paid as long as there are assets in the estate.
People also need to be concerned about potential predators and others trying to take advantage of the heirs or the executor during the probate process. There are real estate investors who will try to get people to sell the property for less than fair market value because the executor or the family are in a vulnerable position and they just want to get the money. The probate process is a public process whereby people’s private information is subject to scrutiny and contest. I personally think that people are better served by keeping their affairs private and having it administered by someone of their choosing through a living trust.
For more information on Costs Of The Probate Process, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (615) 628-7775 today.