Anyone writing a will likely knows the purpose of the document. A will establishes someone’s wishes regarding asset distribution, charitable donations, and other activities after the testator passes away. However, not everyone understands Tennessee estate law statutes, so they might not be familiar with particular legal terms. Unfortunately, some do not realize specific mistakes when writing a will could make it invalid. Therefore, learning about wills and estates seems advisable before signing any documents.
Basic points about a last will and testament
One legal term worth learning is intestate. Tennessee’s intestate laws govern asset division when someone passes away without a will. Statute guides how probate works, which provides a level of uniform fairness. However, the results might not be what the deceased or surviving family members wanted. So, it may be advisable to write a will as soon as possible.
People vaguely understand probate may be a process, but vagueness may not help anyone concerned about estate proceedings. Probate refers to a court process overseen by a judge, which entails paying estate debts and distributing assets, among other actions. The judge will review the will for its validity. Expect an invalid will to face rejection.
Further additional terms worth reviewing
Sometimes, reviewing the terms related to estate planning allow a testator to ponder decisions. For example, choosing an executor of the estate may require careful thinking since the executor serves as the estate and deceased’s personal representative. A reliable executor could move things forward competently and without any avoidable delays.
Beneficiary represents another critical estate planning legal term. Essentially, a beneficiary receives assets as stipulated in the will. Some financial accounts may allow assets to transfer on death and outside of probate. Also, testators may need to think about who receives what assets to make sure they go to the right person.