Estate & Trust Administration Attorney in Gallatin, TN
Dealing with the estate of a loved one who has passed away can feel overwhelming. There can be many financial and legal responsibilities to handle, and the process can often seem unclear. A Gallatin estate & trust administration lawyer at Phillips | Ralston can help clarify and simplify each step for executors and administrators to minimize stress, avoid disputes, and prevent mistakes that can often cost time and money.
Since 1977, Phillips | Ralston has been providing high-quality legal services to individuals in Gallatin and Sumner County, including estate and trust administration cases. When you hire an estate & trust administration lawyer at Phillips | Ralston, you get the attention you deserve and legal representation that is skilled, thoughtful, and effective. Our top priority is to bring our professionalism and experience to create tailored solutions for each client’s needs.
Estate and Trust Administration in TN
Estate and trust administration is a legal process involving the management and execution of a person’s will or trust. These documents are legally binding, and following proper procedures and meeting legal deadlines is key to making sure all parties are satisfied, including beneficiaries, creditors, and the probate court. This is essential to avoid potential conflicts, legal issues, and tax liabilities.
Most people do not have much experience with estate or trust administration in the course of their everyday lives. A recent study reported that 62% of 29-44 year-olds in the United States do not even have an estate plan, and 34% do not know whether their parents have one.
A Gallatin estate & trust attorney can assist with establishing, settling, and managing estates and trusts. That could mean anything from the administration of a trust for a client who is incapacitated to assistance in executing the responsibilities of an estate executor. Estate and trust administration cases in Gallatin may benefit from legal services, such as:
- Preparing probate applications, inventories, and accounting with Sumner County Courts
- Preparing and filing all legal documents to settle the administration of an estate
- Communicating with the courts, the IRS, the department of revenue, and accountants to make sure the estate or trust complies with required legal and tax filing deadlines
- Securing an appraisal for real estate, investments, motor vehicles, business interests, and other valuable property in the estate
- Managing creditors’ claims and recovering debt owed and property in the estate
- Advising clients and their tax preparers on Tennessee and federal estate, fiduciary income, and other tax matters
- Mitigating tax liabilities such as the federal estate tax, the generation skipping transfer tax, the fiduciary income tax, and others
- Guiding payment of estate and trust administrative expenses and debts to minimize tax liability for the estate, trust, or beneficiaries
- Advising surviving spouses, family members, and other beneficiaries about the most efficient transference of asset ownership where appropriate
- Guiding modifications of trusts and decanting to new trusts
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Estate Administration
Estate administration is a formal legal process supervised by the Sumner County Courts and is required whether a person has a will or if they die without a will—which is called intestate. When there is a will, the person who administers the estate is called the executor. When there is no will, the person who administers the estate is called an administrator, and they are appointed by the court.
Trust Administration
Unlike estate administration, trust administration does not involve the courts. This means beneficiaries can access the decedent’s assets much more quickly and often with fewer complications. In many cases, the heirs may be able to avoid the courts entirely. However, trust administration is carefully regulated and can have its own complexities, including multiple trusts or failure to transfer assets to the trust prior to death.
FAQs
What Is the 2 Year Rule for Trusts?
The two-year rule for trusts refers to the statute of limitations on contesting a revocable trust after a person’s death. This means that if a person, such as an heir, wants to challenge or dispute how assets are distributed from a trust, they have to do so within two years of the trust creator’s death. However, in some cases, this may be shortened to 120 days if the trustee follows legal notification procedures.
What Is the New Trust Law in Tennessee?
The new trust law in Tennessee is Public Chapter No. 695, also called The Trust Bill. This law made several significant changes to trust laws in Tennessee. These include changes to family partnerships, directed trust structures, the duration of a trust, virtual presentation of incapacitated persons or minors, and how trusts in Tennessee work with out-of-state parties. In general, the Trust Bill is considered beneficial for people who have trusts in Tennessee.
How Much Can You Inherit From a Trust Without Paying Taxes?
You can inherit any amount from a trust without paying estate taxes in Tennessee, as the state does not have an inheritance or estate tax. In most cases, you do still have to pay regular income taxes on inheritance, and if the total estate value is over a certain amount, there may be a federal estate tax. However, 99% of Americans do not meet the threshold for the federal estate tax.
What Are the Ways a Trust Can Be Terminated?
The ways a trust can be terminated depend on the terms of the trust, such as whether the trust is revocable or irrevocable, and the specific terms of the trust, like a certain time period or when all assets have been distributed. In some cases, this may also be up to the trustee’s discretion or a court order. A skilled trust attorney can help you determine which options are right for your particular situation.
Hire an Estate & Trust Administration Lawyer That Can Help Today
Estate and trust administration is not a cookie-cutter process. Having an experienced attorney on your side can help prevent conflicts and mistakes and give you the peace of mind that comes from knowing your family’s future is secure. Reach out to our offices today to discuss your needs and find out how our trusted legal team can help.
