Oakes Law Firm 2026-10-10T05:00:26Z https://www.oakeslawfirm.com/feed/atom/ WordPress /wp-content/uploads/sites/1104195/2025/01/cropped-Oakes_LawFirm_site_icon-32x32.png On Behalf of Oakes Law Firm <![CDATA[Who controls your closely held business during probate? ]]> https://www.oakeslawfirm.com/?p=253276 2026-10-08T13:34:04Z 2026-10-10T05:00:26Z Your court-appointed personal representative When your ownership interest enters probate, your personal representative can manage it for the estate. The court appoints an executor under your will. In Tennessee, that person needs authority under the document or court approval to operate the business directly. If your will allows it, the court may grant permission for up to nine months from the appointment date. A judge can extend that period for good cause. If you operate as a sole proprietor, you own the business assets directly. Your executor may handle that property and related debts, seek approval to keep trading or arrange to sell or close.

Your surviving managers, officers or partners

Your business structure and company rules may determine who runs daily operations. In a corporation, directors generally oversee the business, while officers handle routine tasks. In other business structures, limited liability company (LLC) managers or surviving partners can act within the powers their agreements and the law allow. Your company's president could keep paying suppliers while your executor handles your shares. Your executor could also vote on company decisions, subject to its agreements and the law. If you own and manage a single-member LLC, succession involves both roles. Under the revised LLC law, your personal representative generally takes your place as a member. Company documents may name someone else or set terms for closing the business. The operating agreement can set separate rules for choosing a manager.

Your remaining owners under a buy-sell agreement

Your co-owners may purchase your stake under a buy-sell agreement, which sets terms for a sale after events such as death. Its pricing method and payment schedule can guide what your estate receives and when. The transfer could shift control to the buyers.

Why you need a coordinated succession plan

A coordinated succession plan can reduce conflict between the people who inherit your wealth and those who make business decisions. Discussing their roles may help address family expectations before disputes arise. Gather contracts and list the decisions you currently handle yourself. An estate planning attorney can review those duties alongside your asset-protection and tax goals, with input from your accountant.]]> On Behalf of Oakes Law Firm <![CDATA[How to protect a child’s inheritance from divorce]]> https://www.oakeslawfirm.com/?p=253271 2026-10-06T06:37:35Z 2026-10-06T06:37:35Z A trust can keep the inheritance outside the marriage A discretionary trust may help shield inherited assets from a future divorce. Because a trustee controls distributions, the child does not receive direct ownership of the trust property in the same way as an outright gift. That difference can matter if a court later looks at whether the inherited assets became part of the marital estate.

Mixing inherited money with marital property creates risk

An inheritance can lose its separate status if the child deposits the funds into a joint account or otherwise blends the money with marital assets. Once that happens, a divorce court may view some or all of the money as marital property. Legal structure alone, however, does not guarantee full protection. The child’s own handling of the inheritance may affect whether the protection holds later.

Marital agreements can define what stays separate

Parents may also encourage a child to use a prenuptial or postnuptial agreement that addresses future inheritances. These agreements can designate which assets remain separate property and may reduce the risk of disputes if the marriage ends. Their enforceability still depends on proper drafting, voluntary signing and other legal requirements under Tennessee law. A broader inheritance protection planning discussion can help explain why one strategy may not be enough on its own.

Protecting the inheritance usually takes more than one step

A trust, careful account management and a marital agreement each address a different risk. In some wills and trusts matters, the real question is not which tool sounds strongest on paper, but which combination still protects the inheritance years later when family and financial circumstances have changed. An estate planning attorney can help evaluate which combination best fits the family’s circumstances.]]> by Oakes Law Firm <![CDATA[What trustees should do in the first 90 days after a death]]> https://www.oakeslawfirm.com/?p=253269 2026-09-10T20:18:24Z 2026-09-10T20:18:24Z What beneficiary notices may be required Tennessee law requires certain trustees of irrevocable or nongrantor trusts to provide specified notice within 60 days after acceptance and funding. The notice requirements that apply after a settler's death can depend on the type of trust, its terms and the circumstances of administration. For trusts subject to the statutory notice requirement, the trustee generally must:
  • Send the notice by first-class mail or personal delivery
  • Provide either a complete copy of the trust document with the trustee's contact information or an abstract containing the information specified by Tennessee law
Under Tennessee law, the assets of a revocable trust may be subject to claims from the settlor's creditors after death, particularly if the probate estate is insufficient to satisfy those claims. Trustees should consult legal counsel to understand how creditor obligations apply to the specific trust. Under Tennessee trust law, trustees must balance their obligations to beneficiaries with the rights of valid creditors. Proper and timely notice protects the trustee from certain future claims and ensures qualified beneficiaries can exercise their rights under Tennessee law.

How to secure and document assets

Tennessee trustees must locate every asset the trust controls and protect them from loss or harm. This includes real estate, bank accounts, investment accounts and personal property of key value. Changing locks on properties and updating insurance stops unauthorized access or coverage gaps that could expose the estate to risk. Creating a detailed inventory can help trustees identify and track trust assets, their approximate values and related records. Tennessee law requires trustees to maintain adequate records of all trust assets and transactions. Trustees must keep qualified beneficiaries reasonably informed about trust administration and provide accountings when requested. If a dispute arises about asset management or distribution decisions, a court may closely examine these records. Trustees should photograph valuable items and store important papers in a secure location during trust administration to maintain clear records for all beneficiaries.

When to consult a Tennessee trust attorney

The first 90 days of trust administration involve some of the most time-sensitive obligations a trustee will face. Failing to comply with applicable notice or recordkeeping duties or mishandling trust assets or creditor claims can expose a trustee to court-ordered remedies for a breach of trust. The consequences depend on the trust terms, the trustee's conduct and the applicable Tennessee law. An attorney who handles trust administration in Tennessee can review the trust document, confirm applicable deadlines and help the trustee carry out these duties correctly from the start.]]> On Behalf of Oakes Law Firm <![CDATA[3 reasons new parents may need more than a will]]> https://www.oakeslawfirm.com/?p=253267 2026-09-09T13:23:27Z 2026-09-09T13:23:27Z A new baby can make an ordinary estate plan feel suddenly inadequate. The issue may not be who inherits the family home or who becomes the child's guardian. It may be what happens when the child needs lifelong support, when the parents cannot agree on a caregiver or when an inheritance could create problems instead of solving them. Tennessee law gives parents certain rights and responsibilities over their minor children. For example, Tennessee recognizes parents as the joint natural guardians of their minor children. If one parent dies or becomes unable to act, guardianship passes to the other parent. But families do not always fit that straightforward picture. For new parents facing circumstances outside the ordinary, a will may form only one part of a larger estate plan. Here are three situations that may call for more thoughtful planning. 

1. A child may need long-term financial support

A child with a disability may need financial assistance well beyond childhood. Leaving assets directly to that child could also affect eligibility for certain needs-based benefits. A special needs trust may offer another option. It can provide funds for a child with a disability while helping preserve eligibility for certain government benefits. 

2. A child may not be ready to manage an inheritance

A parent may want a child to inherit, but that does not mean the child should receive a large inheritance outright. This can become especially important when a child is young, has difficulty managing money or faces other circumstances that call for continued financial oversight. A trust can allow parents to set rules for how inherited assets will be managed and distributed. Instead of giving a child full control at a certain age, parents can provide funds for specific needs or allow distributions over time. For Tennessee parents with substantial assets or more complicated family circumstances, this approach can offer more control than a will alone.

3. A parent may become unable to make decisions

Estate planning is not only about what happens after death. A new parent may also need a plan for an accident, illness or other event that leaves them unable to manage finances or make important decisions for their child. A will generally does not address these situations because it takes effect after death. Parents may also need documents that authorize another person to handle financial matters or make certain decisions if they cannot act themselves. For families with a new child, planning for incapacity can help avoid leaving important decisions unresolved during an already difficult time.

When the standard plan does not fit

For some families, estate planning starts with a will. For others, the real questions begin where the standard plan ends: Who will make decisions? Who will manage money? What happens if a child needs support for decades? Those questions can make a broader estate plan worth considering. A Tennessee estate planning attorney can help parents evaluate their circumstances and choose legal tools that fit their family's needs.]]> On Behalf of Oakes Law Firm <![CDATA[How Knoxville families can use TOD and POD to avoid probate]]> https://www.oakeslawfirm.com/?p=253265 2026-09-08T10:19:22Z 2026-09-08T10:19:22Z Why TOD and POD designations matter for an estate plan How a TOD or POD designation works depends on the type of asset and how the owner sets it up. Once in place, the named beneficiary can claim the asset directly after the owner's death without going through probate court. For Knoxville families, that can mean one fewer process to manage. Common considerations for families using these designations include:
  • TOD designations for eligible securities: It allows the account owner to name a beneficiary for certain securities or investment accounts. Those assets then pass directly to the named beneficiary after the owner's death. Tennessee law provides that ownership passes directly to surviving beneficiaries when the sole owner or last surviving owner dies.
  • POD designations for eligible bank accounts: A payable-on-death designation lets a bank account go directly to a named beneficiary when the owner dies. Tennessee law permits financial institutions to offer accounts with this type of designation.
A TOD or POD designation generally determines who receives the asset, taking precedence over a will. The owner can change or cancel the beneficiary choice at any time before death. Therefore, they should regularly review and update these designations after major life events, such as a marriage, divorce or the death of a beneficiary. In both cases, the owner keeps full control of the asset during their lifetime. The beneficiary has no rights to it until the owner dies.

Working with an estate planning attorney

By setting up TOD and POD designations now, Knoxville families can reduce court involvement for their loved ones later. This can help assets pass to beneficiaries more smoothly after death. For families with multiple accounts across different institutions, reviewing all of them together as part of a broader estate plan is important. An experienced estate planning attorney can help families use these tools correctly.  ]]> On Behalf of Oakes Law Firm <![CDATA[When can a trustee be removed from office for Tennessee families?]]> https://www.oakeslawfirm.com/?p=253263 2026-08-20T09:45:14Z 2026-08-25T05:01:20Z Choosing someone to manage a trust often involves a high level of confidence. But problems can arise when a trustee stops communicating, mishandles trust property or fails to follow the trust terms. For Tennessee families, these issues can affect how quickly beneficiaries receive assets and whether the trust operates as intended. Tennessee law provides ways for beneficiaries and other interested parties to seek a trustee’s removal in certain situations. Knowing what may support removal can help you recognize when a trustee’s conduct could require court involvement.

What problems can justify removing a trustee?

A trustee does not typically lose the position simply because a beneficiary disagrees with a decision. Tennessee courts may consider removal when circumstances show that keeping the trustee in place could harm the trust or its beneficiaries. Examples of circumstances that may support removal include:
  • The trustee commits a serious or repeated breach of trust.
  • The trustee has a conflict of interest that affects trust administration.
  • The trustee fails to perform required duties.
  • The trustee’s conduct creates serious friction with beneficiaries or co-trustees.
  • The trustee becomes unable to manage the trust effectively.
  • The trustee’s removal would better serve the trust’s administration.
These circumstances can involve specific conduct, such as failing to provide required information, making improper distributions or using trust assets for personal benefit.

How can beneficiaries seek trustee removal?

According to a recent survey, most people create estate plans to prevent family conflicts, but trustee issues can still spark deep disagreements. When these disputes arise, checking the original trust document is the best first step. It outlines the trustee’s exact duties and may include simple rules for replacing them without legal battles. Gathering clear evidence also builds a stronger case. Collecting bank statements, emails and distribution records helps show any clear pattern of wrongdoing. If the trustee’s behavior threatens family assets, petitioning a local Tennessee court can force their removal. Partnering with a knowledgeable trust attorney can help you evaluate the evidence and guide you through filing a petition. Once a court removes a trustee, appointing a qualified successor restores control. If the trust agreement does not name a backup person, state law provides secondary options to fill the role.

Protecting the trust’s purpose

A trustee’s role carries important responsibilities. When serious problems arise, examining the trustee’s actions and the terms of the trust can help determine whether removal may be appropriate. For Tennessee families, addressing those concerns early may help protect trust assets and preserve the purpose behind the estate plan.]]> by Oakes Law Firm <![CDATA[Can an estate sell a house before Tennessee probate ends?]]> https://www.oakeslawfirm.com/?p=253261 2026-08-18T12:33:12Z 2026-08-18T12:33:12Z Who has authority to sell the house? Tennessee treats real estate differently from many other estate assets. In Tennessee, real property generally passes to the heirs or devisees at death, subject to the terms of the will, applicable law and the rights of creditors. The terms of the will therefore matter. A will may give the executor authority to sell real estate. Without that authority, additional court involvement may be required depending on the estate's circumstances. Estate debts are one reason court involvement may become necessary.

What if the estate needs the house to pay debts?

An estate may have valid debts and expenses but not enough personal property to cover them. Tennessee law provides a process for using real estate in that situation. The personal representative may petition the court for the sale of the deceased’s real property. The process may involve:
  • Filing a petition explaining why a sale is necessary
  • Identifying the property the estate seeks to sell
  • Including heirs, beneficiaries and other interested parties in the proceeding
  • Obtaining any required court approval before completing the sale
These steps can affect when the estate can proceed with the sale.

Can the house sell while probate continues?

A family does not necessarily have to wait until every part of probate is complete before selling an inherited house. The important issue is whether the person handling the sale has the required authority. Selling the house also does not necessarily end probate. Other estate matters may remain, including paying valid debts and distributing remaining assets. For families dealing with an inherited home, confirming the authority to sell can clarify whether the sale can proceed while the rest of the estate administration continues.]]> On Behalf of Oakes Law Firm <![CDATA[How to choose a guardian for your child in Tennessee]]> https://www.oakeslawfirm.com/?p=253257 2026-08-05T07:17:04Z 2026-08-05T07:15:08Z Questions to ask before naming someone as guardian This is a deeply personal decision, and there is no single right answer. These questions can help guide your thinking:
  • Will this person raise your child in a way that reflects your values and beliefs?
  • Is this person emotionally willing and practically prepared to take on the responsibility, possibly alongside their own children?
  • Where does this person live, and would your child need to relocate? How would that affect their school, friendships and sense of stability?
  • Is this person realistically able to care for your child through childhood and into adulthood given their age and health?
  • Does your child already know and trust this person?
It is also worth naming a backup guardian in case your first choice is unable or unwilling to serve when the time comes. Keep in mind that the person you choose to raise your child does not have to be the same person who manages their inheritance. Separating those roles can provide an additional layer of protection.

What to do once you have made your choice

In Tennessee, you can designate a guardian through a validly executed will, a revocable living trust or a standalone written declaration specifically nominating your choice. Whichever document you use, it must clearly express your intent and be properly executed to carry statutory weight in court. Your nomination does not automatically make someone your child's guardian. If both you and your spouse pass away, the person you named must still petition the court and receive a formal appointment. However, a clear nomination in a properly drafted document significantly strengthens that process and reduces the likelihood of family disputes.

Your guardian nomination can change as life does

Your choice is not permanent. As your child grows and your circumstances change, you can and should revisit your decision. An estate planning attorney in Knoxville can help you put your wishes in writing in a way that is legally sound and easy to update when life requires it.  ]]> On Behalf of Oakes Law Firm <![CDATA[Estate planning tips for empty nesters]]> https://www.oakeslawfirm.com/?p=253254 2026-07-24T18:17:29Z 2026-07-24T17:56:41Z Tips for an empty-nest transition Updating your legal documents now ensures that your assets are safeguarded and your personal wishes are respected. Some useful estate planning tips for empty nesters include:
  • Updating or establishing a trust: A revocable living trust could easily manage and distribute assets to your children, encouraging financial responsibility while bypassing probate.
  • Reassigning medical and financial power of attorney: Since the children have grown up, you could designate a trusted child or sibling to handle medical or financial decisions.
  • Updating beneficiary designation: Make sure your retirement accounts and insurance policies reflect your current wishes.
  • Revisiting your will: Replace provisions for minor guardians with clear instructions for your adult children and grandchildren.
Without a valid will or trust in place, Tennessee intestate law would decide how your property is divided, often splitting assets between a surviving spouse and children rather than leaving everything to the spouse. Taking these steps could proactively ensure your estate is distributed exactly according to your intent.

Securing your legacy

Becoming an empty nester is the perfect time to audit your legal affairs and adapt them to your current family structure. A skilled local estate planning attorney could help you ensure your plan aligns with the state law and provides long-term peace of mind.]]> On Behalf of Oakes Law Firm <![CDATA[Why use a revocable living trust in Tennessee]]> https://www.oakeslawfirm.com/?p=253252 2026-07-22T09:46:46Z 2026-07-22T09:46:46Z A trust can help your family avoid probate delays Property that you place in a trust can often pass to beneficiaries without the same court-supervised probate process that may apply to assets held in your name alone. That may help your family access a home, bank funds or other assets more quickly when it matters most.

You still keep control during your lifetime

A revocable living trust does not mean giving up control of your property now. You can still manage the assets, change the terms of the trust or revoke it entirely during your lifetime. In many cases, this kind of trust stays flexible while you are alive, but after death, the trustee generally follows the terms for the beneficiaries.

The trust only helps if it holds the right assets

Creating the document is only part of the process. You also need to transfer the right assets into the trust so it can work the way you intended. If key property never makes it into the trust, your family may still face some of the probate delays you were trying to avoid.

Make the transfer process easier on your family

When the goal is to reduce probate problems for your beneficiaries, the details of the plan matter. A revocable living trust can help simplify that transfer, but only if the plan works with your broader wills and trusts strategy and the assets are titled correctly. A lawyer can help you decide whether a trust fits your goals and whether your property is set up to pass to your beneficiaries the way you intend.]]>