Use this learning center to teach you why having an estate plan is so important and to help you consider which plans might be the right fit for your families needs.
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In Tennessee, a will can be defined as a set of instructions for disposing of one's assets after death. A will can only be enforced through the probate court. Any assets titled in your name or directed by your will must go through your state’s probate process before they can be distributed to your heirs.
A living trust is a legal document that contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust can avoid probate at death, control all of your assets, and prevent the court from controlling your assets if you become incapacitated.
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Probate is the legal process through which your debts are paid and your assets are distributed according to your will., with the supervision of the Probate Court. If you don't have a valid will, your assets are distributed according to state law.