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Law FAQ: Questions About Revocable Living Trusts What is a revocable living trust? A revocable living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust can avoid...
Read More Continue ReadingProbate Process: How long does it take? How long does the probate process take? I often pose this question at seminars and get a variety of answers. Two of my favorite answers are “years” and “forever.” While neither answer is correct, it typically indicates that someone in the room (or...
Read More Continue ReadingLaw FAQ: Doesn’t joint ownership avoid probate? Not really. Using joint ownership usually just postpones probate. With most jointly owned assets, when one owner dies, full ownership does transfer to the surviving owner without probate. But if that owner dies without adding a new joint owner, or if both owners...
Read More Continue ReadingLaw FAQ: What is Probate and why is it bad? What is Probate and why is it bad? (a.k.a. Why simply having a will might not be enough.) Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed...
Read More Continue ReadingLaw FAQ: My mom’s will leaves everything equally to me and my sister. Why am I not getting anything? A person’s will only applies to assets or accounts that are in the person’s sole name or are payable to the person’s estate. Typically, we are dealing with assets in someone’s...
Read More Continue ReadingLaw FAQ: Why would I want a revocable living trust? Contrary to what you’ve probably heard, a will may not be the best plan for you and your family. That’s primarily because a will does not avoid probate when you die. A will MUST be validated by the probate court...
Read More Continue ReadingLaw Talk: A Conservation Easement Can Save You Thousands in Taxes In 2010, Congress extended the enhanced tax deduction for Conservation Easement Donations (“CEDs”), but only for a limited time. This provision is a real gem for anyone owning a piece of undeveloped land. But you must act quickly. CEDs...
Read More Continue ReadingPatterson Bray — Law FAQ Series: Submit Your Legal Questions! In thinking about how we might better serve our friends, clients, and prospective clients seeking reliable information on the web about Tennessee law, we decided to start a new series called Law FAQ (Frequently Asked Questions). Similarly, we will have...
Read More Continue ReadingLeaving a Legacy Greater Than Wealth: More than an Estate Plan An estate plan isn’t all you need. While providing our children with a better life than we had may be a noble goal, the goal is often lost in translation because of the means we choose. As the saying in...
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