Tennessee Small Estate Affidavit for Estates Not More Than $50,000
What is this form?
The Small Estate Affidavit for Estates Not More Than $50,000 is a legal document that allows an interested party to collect the assets of a deceased person's estate when the total value is below $50,000. This form provides a straightforward process for transferring property and settling debts owed to the decedent without the need for formal probate proceedings. It is specifically tailored for estates in Tennessee, setting it apart from more general estate transfer documents.
What’s included in this form
- Identification of the decedent, including their name and date of death.
- Statement regarding the total value of the estate and its eligibility under Tennessee law.
- Declaration of the affiant's relationship to the decedent.
- Information on whether the decedent was enrolled in the TennCare program.
- Signature section for the affiant and any required witness signatures.
When to use this document
This form is commonly used when an individual passes away, and their total estate is valued at $50,000 or less. It is particularly practical for families or heirs who want to avoid the costs and delays associated with probate court. Use this affidavit to claim cash, personal property, or other assets owed to the decedent after a minimum of forty-five days following their death.
Who this form is for
- Heirs or beneficiaries of an estate valued at $50,000 or less.
- Individuals acting on behalf of the decedent’s estate.
- Personal representatives or family members looking to settle the decedent's affairs without formal probate.
Instructions for completing this form
- Identify the decedent by entering their full name and date of death.
- Provide a clear valuation of the estate, ensuring it does not exceed $50,000.
- State your relationship to the decedent in the designated section.
- Indicate whether the decedent was enrolled in the TennCare program.
- Sign the affidavit and include any required witness signatures as specified.
Does this form need to be notarized?
This form does not typically require notarization unless specified by local law. However, it is advisable to check with the local clerk of court for any additional requirements.
Typical mistakes to avoid
- Failing to provide accurate information regarding the estate's value.
- Not waiting the minimum required forty-five days after the decedent’s death before filing.
- Overlooking the necessity for witness signatures, if required.
Benefits of completing this form online
- Instant access to the form allows for quicker processing of estate matters.
- Downloadable and editable format ensures you can customize the affidavit to meet your needs.
- Drafted by licensed attorneys, providing confidence in compliance with legal requirements.
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FAQ
In most states, however, there is the option to use a small estate affidavit when the assets of the estate are under a certain dollar amount, which varies by state. An attorney is not required to file a small estate affidavit, although it may be helpful to consult with one prior to filing the small estate affidavit.
If the total value of all the assets you leave behind is less than a certain amount, the people who inherit your personal property -- that's anything except real estate -- may be able to skip probate entirely. The exact amount depends on state law, and varies hugely.
In Tennessee, you can make a living trust to avoid probate for virtually any asset you ownreal estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
Tennessee state law does not require all of the decedent's assets to go through the probate process.These types of assets pass directly to their new owners without oversight from the probate court. The only types of assets that are required to pass through probate are the decedent's individually owned property.
But generally if the total value of the Estate is less than £15,000 then usually Probate will not be required. But if the deceased owned assets worth more than the threshold, you'll need to go through the Probate process.
Tennessee provides an alternative to regular probate if the estate is small. The simplified procedure is available if the total probate estate is worth no more than $50,000, not counting real estate.
In California, estates valued over $150,000, and that don't qualify for any exemptions, must go to probate.If a person dies and owns real estate, regardless of value, either in his/her name alone or as a "tenant in common" with another, a probate proceeding is typically required to transfer the property.
When you use a small estate affidavit , you have to pay the decedent's bills before paying money to anyone else. For example, the decedent might have owed money to a credit card company when they died. If you use the small estate affidavit, you must give money from the estate to pay the credit card company.
Under Tennessee law, there are simplified rules for handling a small estate. A small estate is one in which the total value of the personal property of the estate is $50,000 or less. Many county probate courts have forms online to help you handle a small estate.
