Tennessee INVENTORY - Inventory (Probate)
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FAQ
What assets are subject to probate in Tennessee? Real estate held in the deceased's name only. If the deceased is the only name on the deed, then it will need to go through the probate process, in most cases. Personal property in the deceased's name.Bank and other financial accounts.
If a family member has recently passed away owning real property, there may not be a need for a full probate administration. Instead, Tennessee law allows for the filing of a muniment of title and an affidavit of heirship to transfer property.
Not all assets need to go through probate. Only assets that the deceased person owned in his or her own name, alone, must go through probate. All other assets pass to new owners without oversight from the probate court. Assets that go through probate make up what's called the "probate estate."
In Tennessee, you can make a living trust to avoid probate for virtually any asset you own?real 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).
In simple terms, an estate inventory includes all of the assets of an estate belonging to someone who's passed away. This inventory can also include a listing of the person's liabilities or debts.
Only assets that the deceased person owned in his or her own name, alone, must go through probate. All other assets pass to new owners without oversight from the probate court. Assets that go through probate make up what's called the "probate estate."
Non-probate assets are assets that are either jointly titled or have a designated beneficiary. You do not have to go through probate if the estate is made up entirely of non-probate assets, regardless of whether the decedent has a valid will.
6 types of non probate assets Property. Most personal property, such as real estate, jewelry, or furniture will become probate assets by default.Bank accounts.Retirement benefits.Life insurance policies.Any other assets that are owned jointly with others.Any other assets that have post-death designation in place.