Being nominated as an executor of a will comes with significant responsibilities. It is important for executors and those planning their own wills to understand what the role entails under Tennessee law. Many understand that an executor is responsible for managing someone’s assets after their death but may not be aware of the other duties involved in estate administration.
Executor Duties in Tennessee
In Tennessee, an executor must first file with the state probate court to validate the will. The executor will receive official proof of their responsibility and authority in the form of letters testamentary.
After the initial validation, the process varies somewhat depending on the size and complexity of the estate. During the probate process, the executor will be responsible for arranging the funeral according to the deceased’s wishes (including funeral payments as necessary, often allocated funds from the estate).
The executor must also collect death certificates and handle any government benefits that may apply to surviving family members. They are also responsible for filing the necessary tax returns and protecting the estate’s assets for the benefit of any beneficiaries or heirs. These duties require some financial literacy, as executors must handle practicalities such as:
- Securing property and appraising and liquidating it where necessary
- Notifying creditors and paying any debts per the will
- Managing ongoing investments
- Distributing assets in line with the will and Tennessee law in a timely manner
Importantly, the executor must remain impartial and act in the beneficiaries’ best interests. Accusations of mismanagement or embezzlement by the heirs or third parties can expose the executor to significant legal and financial consequences.
How To Navigate Executor Responsibilities Effectively in Tennessee
Navigating the executor’s duties can be intimidating, so it may be helpful to work with an estate planning attorney. These legal professionals are knowledgeable about Tennessee’s estate laws and can advise executors on matters such as properly distributing assets and managing deceased debts. An estate attorney can also help the executor ensure their actions are impartial and comply with state and federal laws.
This guidance may be especially valuable in the event of an executor needing to appraise or liquidate property before distributing the assets to beneficiaries, as this process can sometimes be complicated or contentious.
Overall, an estate attorney is there to assist in keeping the process as straightforward as possible, thereby protecting the executor and beneficiaries.
How To Choose the Right Executor for Your Estate
Choosing an executor can be daunting, but it is an essential part of preparing your will. There are a few key requirements for executors under Tennessee law. First, the executor must be a mentally competent adult.
Executors also cannot have served prison time or acted as a non-related judge.
When considering an executor, legal professionals typically recommend choosing someone who will likely be willing, competent, and alive at the time of the will reading. For many, this means choosing a spouse, adult child, or a third-party professional such as an estate planning attorney.
Consult The Ebbert Law Firm About Your Will or for Support As an Executor
The Ebbert Law Firm provides legal counsel to Tennessee Residents seeking support with estate management. Whether you are creating a trust or a will, speaking with an estate planning attorney may make the process less stressful and help grantors ensure their documents comply with state and federal regulations.
If you have just received notice of your potential nomination as an executor, our attorneys can assist you with understanding your legal rights and obligations. Undertaking the distribution of someone’s assets can be daunting, and legal support may help you feel more comfortable with the process.
To learn more about being a will executor or to set up a consultation about your own will, call 865-229-8509.
FREQUENTLY ASKED QUESTIONS (FAQ):
Q: What are the key responsibilities of an executor in Tennessee?
A: Executors in Tennessee must validate the will in court, manage estate assets, pay debts, file taxes, arrange funerals, open an estate account, and distribute assets to beneficiaries according to the will.
Q: Does an executor need an attorney in Tennessee?
A: While not strictly required, it is highly recommended for executors to consult with an estate planning attorney to ensure they fulfill their duties correctly and comply with state and federal laws. Tennessee probate law requires the preparation of numerous documents and the matter must follow a specific process.
Q: Who can be an executor in Tennessee?
A: An executor in Tennessee must be a mentally competent adult who has not served prison time or acted as a non-related judge. It’s best to choose someone willing, competent, and likely to be alive at the time of the will reading.