Whether it’s a living trust, a last will and testament, or an intestate estate, “administration” is the process of addressing final expenses and transferring assets at a loved one’s death. While all administrations follow the same general pattern below, there can be additional steps, including a visit to probate court, depending on the type (i.e. living trust, last will and testament, or intestacy). It is best to retain a knowledgeable attorney to assist with an administration.
Fiduciary Appointment. First, the person in charge, known as a “fiduciary” is appointed. This person is a trustee for a living trust, an executor or executrix in a last will and testament, or an administrator or administratrix in an intestate estate. A probate court judge must appoint the fiduciary unless it is a living trust administration.
Marshal Assets. The fiduciary must gather the location and value of all estate assets.
Notify TennCare. The fiduciary must notify the Division of TennCare (Tennessee’s version of Medicaid) of the decedent’s passing and obtain a release from them before closing the estate.
Notify Heirs and Beneficiaries. Next, the fiduciary must notify the heirs and/or beneficiaries of the administration.
Pay Final Taxes. The fiduciary must be sure that all applicable state and federal taxes are paid before distributing the assets. While Tennessee does not currently have an inheritance tax, the estate may be subject to federal estate tax.
Address Creditor Issues. The fiduciary must resolve any outstanding creditor issues. This may include publishing notice of the administration in the local newspaper. If any creditors file claims in probate court, the fiduciary must address them.
Distribute Remaining Assets. The fiduciary must then distribute the remaining assets to the heirs or beneficiaries according to the governing document (trust or last will and testament) or the intestate succession laws of Tennessee.
Close Estate. Finally, the fiduciary is relieved of their role and may close the estate.
frequently asked questions
For estate planning, I usually quote a flat fee after the initial consultation. Estate planning fees typically range from $1,000 – $5,000 depending on the type of planning (e.g. wills vs. living trusts with numerous assets and sub-trusts).
For trust and estate administrations, I typically charge my hourly rate of $300/hour after the initial consultation. Trust and estate administrations typically range from $5,000 to $15,000, depending on a variety of factors. Some of these factors include the number of beneficiaries, the nature and number of assets, whether a will or trust is involved, whether probate court is involved, the number of creditors involved, and whether everyone is in agreement.
For trust and estate litigation, I typically charge my hourly rate of $300/hour after the initial consultation. I will often take a retainer for litigation cases. Depending on the situation, I am often able to offer contingency fee arrangements. It is hard to give a ballpark for litigation cases. The variables that drive fees are too many to list. It is best for us to discuss the case at the initial consultation and then we can get a better idea of the fee situation.
No. I’m only licensed in the state of Tennessee.
I am located in Franklin, Tennessee. You can find me here.
