Tennessee Estate Inventory
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FAQ
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.
Does Tennessee Law Require Probate? Yes, probate is a requirement for estates in Tennessee. This is the method used to distribute the assets to the heirs and ensure the will is followed.
If an estate is valued at less than $25,000, there is no Will and the decedent was not married, in Tennessee, you can use the summary probate procedure. Note that the state does not have an Affidavit procedure for small estates.
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.
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.
Following the deceased's passing, the executor has 60 days to turn in an inventory of the deceased's assets that need to go through probate. They also must notify the deceased's beneficiaries, whether the deceased named them in their will or they were decided ing to Tennesse's intestacy laws.