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Think about a married couple. When the first spouse dies, often the vast majority of assets are titled in both of their names. Therefore, everything passes to the surviving spouse without probate. However, what if the deceased spouse owned a piece of land the other spouse never had any involvement with? What if the only thing probate court needs to distribute in a decedent’s estate is real estate? Do you have to go through the entire probate process for real estate alone? Can you just sign some type of Deed?
The short answer to those questions: no and no. Thankfully, in Tennessee, we have a procedure that is specifically designed to deal with transferring real estate from a decedent’s name into the correct beneficiary’s name. This probate process for real estate is Probate for Muniment of Title. This type of limited probate process is basically three steps, but there are some important keys to remember.
What is Probate for Muniment of Title?
Probate of any type is much simpler when there is an original will. Therefore, you would start by locating the original will and an original death certificate. Once you have located those and determine that the only asset to be distributed is real estate, you would need an attorney to take you through the Muniment of Title procedures.
We would start the process by filing a Petition for Muniment of Title with the Probate Court’s office and a hearing would be set. A notice is then sent to all beneficiaries and heirs-at-law that this hearing is occurring. Assuming all goes according to plan, the judge will sign the Order at the hearing. Once the court signs the Order, it will be recorded in the Register of Deeds. This recording will serve as evidence of the transfer of title.
Going Through Probate for Real Estate Property? Contact Tressler & Associates
Although probate in Tennessee is a relatively streamlined process, we are thankful that there is an even more streamlined process for real estate. Should you need assistance in transferring real estate out of a decedent’s name, please contact the estate planning attorney at Tressler & Associates. We’ll be glad to help.
There is a common myth that estate planning is only for the elderly or the wealthy; maybe even only for the elderly and wealthy. This myth shows that few really know what estate planning involves. Here is a hint: estate planning is about more than only wills.
So, if you’re young and don’t have many assets, you might be wondering why you need an estate plan at all. Find out why it’s best that everyone have estate plans in order.
1. Do you own anything? Then you need an estate plan.
Although the word “estate” sounds formal, an estate is simply what you own. Most, if not all, people own something that they want to go to a specific person when they pass away. Whether that is a sentimental token, a family heirloom, a photo, or a pet, you probably have at least one item you want to go to someone in particular. It does not matter the monetary value of that item. You have the right to choose where that item goes.
The problem is, that if you don’t plan, the laws of your state will determine where your property goes. If you are single and childless, that probably means your parents will suddenly own everything that you currently hold in your possession.
More importantly, if you have children, you want to be the one to choose who would become their guardian. If you don’t make your wish legally explicit in legal writing, the State of Tennessee will choose for you.
2. Estate planning is more than wills.
How will anyone know your healthcare wishes if you are not able to communicate them? Who do you want to make healthcare decisions for you if you are not able to do so? Who will keep up with your financial matters if you are not able to do so? All of these questions are answered in a comprehensive estate plan.
For example, consider a Healthcare Durable Power of Attorney. With this, you are able to choose a person to make healthcare decisions for you if you cannot. It also allows you to name a person or persons who will have access to your medical documents if you are hospitalized. Most importantly, they will be able to give the hospital permission to treat you.
Similarly, a Living Will allows you to put your wishes for medical treatment in writing. This is so that there are no questions if you become unable to communicate them. For financial and other matters, you can create a Durable General Power of Attorney to designate a person to sign on your behalf in financial matters.
Contact Tressler & Associates for More Information
For better or worse, life is uncertain at any age. Have a plan in place. If you have any questions about this or any other legal matters, call Tressler & Associates at 615.444.2345 or contact us here.
I don’t have children or money, therefore I don’t need to worry about estate planning right now. I am young, I have plenty of time to deal with estate planning. Estate planning is so expensive.
These are common misconceptions about the law of estate planning. The truth is, estate planning is for everyone and doesn’t have to be expensive.
The Basics’ of Estate Planning. In the most basic terms, estate planning is a set of legal documents spelling out how you want to be cared for, and to whom and how you want your assets to be divided should you not be able to speak for yourself. These legal documents include your last will and testament, a living will, appointment of a general power of attorney and a health care agent. While each document serves a different purpose, together they empower another person to make decisions in regards to your assets, care and the care of your family in the event you are unable to.
Estate Planning Is For Everyone. When most people hear the words “estate” or “estate planning” they conjure up an image of someone who is retiring with money or a family planning for their children. However, what most people don’t realize is that no matter how large or how modest – nearly everyone has an estate to be planned for including you.
So what is in your estate? In the most basic terms, your “estate” is comprised of everything you own your home, other real estate, car, furniture, checking and savings account, life insurance, your valuables, etc. Therefore, whether you are single, married, divorced, widowed, or have children, you have an estate and can benefit from estate planning.
Estate Planning Does Not Have To Be Expensive. If you can’t afford a lavish estate plan, it is important that don’t put it off all together. Instead, start with a plan you can afford. For a single adult or young family, this could mean just having your basic will, health care plan and power of attorney in place. Over time, as your needs change, family change and assets grow, you can expand on your plan.
How To Get Started. The first thing to do when planning what to do with your estate is to determine what your wishes are and who you want to carry out those wishes in the case you are unable to. From there it is important to have an open conversation with your loved ones about your wishes. Next it is important to find an estate planning attorney who can help advise you on your situation. Your attorney will draft all of your estate planning documents to make sure you are taken care of no matter what life throws your way.
The Peace of Mind Benefit. The best benefit of estate planning is the peace of mind you will have knowing there is a proper plan in place for you and your family should something happen to you. If you would like to speak with a Tennessee estate planning attorney regarding your estate plan, be sure to contact us at Tressler & Associates. After all, the best gift you can give your family is the peace of mind they deserve.
If you have any questions about this or any other legal matters Call Us: 615.444.2345 or Contact Us Here
Landlord-Tenant Law is an area of law where so many decide to represent themselves without guidance from a lawyer. It seems like a good idea to some because they will save on attorney fees. However, most of the time, it ends up costing them much more in the long run. Landlord-Tenant law is a minefield of potential mistakes. Just figuring out which set of laws applies to the county you live in Tennessee can be challenging, even when only considering eviction notices.
Find out why having an experienced real estate lawyer assist with Landlord-Tenant matters is in your best interest.
What Issues Can Landlords Face?
One area where we constantly see Landlords making a mistake is with eviction notices. Landlords especially choose to misrepresent themselves by either not using an eviction notice or using them incorrectly. If a Landlord uses an eviction notice incorrectly or not at all, it can lead to a dismissal of the Landlord’s case from court. This can cost the Landlord a significant amount of money. It can also possibly open the Landlord up to a lawsuit for Wrongful Eviction.
Tennessee law requires a Landlord to give a non-paying tenant an eviction notice. In most cases, the Landlord must give the Tenant an opportunity to cure their non-payment. This ability must also be clearly set out in the notice. The law sets out specific days and other matters which must be in an eviction letter. We do not recommend that you try to traverse this area of the law alone. If you see a potential legal matter concerning your rental properties, please call a real estate attorney at our office immediately.
CONTACT US
If have a rental property and need help with an eviction or have any other legal situation, contact us and we would be glad to find the best option for your situation.
Unfortunately, phishing scams have become common place. Most email users are rightfully leery of an email pertaining to wiring information. However, in the rush of a closing, it is possible to fall prey to one recent scam.
WARNING!
The Federal Trade Commission and the National Association of Realtors have both issued warnings regarding the recent email and wire transfer scam concerning closing costs. In the course of a normal transaction, a buyer will often wire his or her funds to us prior to closing and we will disburse the funds according to the needs of the transaction.
In this particular scam, hackers pose as real estate agents, title company representatives, or another professional and send an email to the buyer stating that there has been a “last minute change” to the wiring information and the funds are to be sent to a different account. Because “last minute changes” can be common place in a closing, some buyers will not question this change and send the funds (sometimes hundreds of thousands of dollars) straight into the account of the hacker.
Anytime you receiving wiring instructions from us or any other company, please feel free to call and confirm those instructions. You can also call to confirm that we have received the wire after it has been sent. We want to be sure that your closing runs smoothly and the funds are transferred to the appropriate parties and out of the hands of scammers.
CONTACT US
If have a question or concern please contact us about any communication you have received asking for payment. Or any other legal matter feel free to email us or call.
The attorneys at Tressler & Associates regularly work with clients who own out-of-state real estate. Owning real estate outside of Tennessee drastically affects estate planning, so it’s always something we ask new clients if they have.
There are several laws to consider when clients own real estate outside of Tennessee. You have to contend with Tennessee’s and the other state’s estate planning laws. You should always make sure your estate planning attorney knows every state in which you hold property.
What is Out-of-State Real Estate?
“Out-of-state real estate” includes everything from a beach mansion in California to a small, empty plot of land in the Midwest. Did you know that without proper planning, your heirs will have to do a probate proceeding in Tennessee and any other state you own property in? Real estate outside of Tennessee doesn’t transfer through Tennessee probate proceedings.
Thankfully, there is an easy way to prevent this hassle. The most common way to avoid multiple probate proceedings is by placing the property in a Trust. By using a simple Trust, your family can usually avoid probate proceedings. Sometimes, the laws of other states don’t allow it.
Why Do You Need An Estate Planning Attorney?
At Tressler & Associates, PLLC, we can build a Trust that suits your needs. We can also draft the deed necessary to place your Tennessee real estate into that Trust. Then, we will work with attorneys in the other state to transfer the rest of your real estate into the Trust. As simple as this process is, it is rarely done. Without it, you risk leaving your heirs with a mess on their hands.
Even if you do not currently own a piece of real estate outside of Tennessee, consider this technique. You can start creating a Trust in advance of a purchase. We can build the Trust so that it is ready to receive that second piece of real estate whenever you make the purchase or not.
One of our goals is to make the transition of assets to your heirs as seamless as possible.
Contact the Estate Planning Attorneys at Tressler & Associates
For assistance with passing down out-of-state real estate, our estate planning attorney at Tressler & Associates has the experience to help you. This is a complicated process for anyone without the necessary experience to complete it. We’ll make sure that after you pass, your family will not have to deal with multiple probate proceedings. Contact us for help today.
We have seen many situations where a real estate contract is signed just before something goes wrong. Many discover that the person who signed the contract to sell a property is not the same person who holds the title. Once we begin asking questions, we soon find out that the title holder has passed away. The person selling the property is actually the spouse, child, or executor. This causes whole real estate transactions to fall apart all the time.
Can You Save Your Real Estate Transactions?
What do you do then? Well, it depends. As generic as it may sound, this answer greatly applies to this situation. There are many factors that may play into the process of closing on that contract. For example, here are a few questions to ask the seller:
Did the decedent have a Will?
If not, who were the decedent’s heirs? Have any heirs predeceased the decedent?
Was the decedent fifty-five years of age or older?
Was the decedent married?
Have any probate proceedings been started?
The list goes on. However, the good news is, once we can get these answers, we can come up with a comprehensive plan for you. This way you can come as close as possible to the constraints of your original contract. You will want someone who has handled many of these transactions to be advising you on this important sale.
Contact Tressler & Associates for Help
Make sure the property you’re trying to purchase is actually owned by the seller. If you find out they don’t, we can help you figure out why and help you get the property you want. If you’re trying to sell property left to you by a loved one who passed away, we can help. Let us make sure you have proof of ownership and can sell the property without any issues.
Whether you have a signed contract on real estate or not, contact us. We can walk you through the process that would apply to your specific scenario.
615.444.2345