Tennessee PROBATE — The Small Estates Act is a set of laws that provide a simplified and faster process for settling the estates of deceased individuals in Tennessee. It covers individuals who died with estates of less than $50,000 in Tennessee. The Small Estates Act allows the heirs of the deceased to bypass the traditional probate process, which can be time-consuming and expensive. There are two types of Tennessee PROBATE — The Small Estates Act: Affidavit of Collection and Small Estate Administration. The Affidavit of Collection is the most commonly used option and allows the surviving heirs to collect the assets of the deceased without going through the probate court. The Small Estate Administration is a more formal process and requires the filing of documents in the Probate Court.
Tennessee PROBATE - The Small Estates Act
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FAQ
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.
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."
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."
?Estate? means the belongings of a person who has died. 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.
Small Estate Affidavit If the deceased did not have a will, then the assets would be distributed in based upon Tennessee intestacy laws. The assets that make up the $50,000.00 could be located in: Bank accounts. Stocks, bonds, or other securities.
Tennessee requires that all ?Small Estates? are to be filed and governed by the ?The Small Estate Affidavit Limited Letter of Authority Act? pursuant to Tennessee Code Annotated §30-4- 101, et seq. The Small Estate Affidavit provided herein is given to you as a courtesy from the Clerk and Master.