Completing a Small Estate Affidavit in Tennessee

Completing a small estate affidavit in Tennessee allows heirs to simplify the probate process when dealing with a deceased person’s assets. This legal document is typically used when the estate’s total value falls below a certain threshold – $50,000 in Tennessee. The affidavit allows heirs to claim the decedent’s property without going through the more complex probate process, providing a straightforward solution for managing small estates.

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How a Small Estate Affidavit Works in Tennessee

A small estate affidavit in Tennessee is a legal tool that allows heirs to bypass the conventional probate process when managing a deceased person’s assets, as long as the estate is valued at $50,000 or less. This process is simpler and less costly than full probate, making it a popular option for managing smaller estates.

In Tennessee, the small estate affidavit can be used to claim the deceased’s personal property, such as bank accounts, vehicles and other assets, without the need for court intervention. The affidavit must be filed with the probate court in the county where the decedent lived, and it typically includes information about the deceased, the heirs and the assets being claimed.

One of the key differences in Tennessee compared to other states is the relatively low asset threshold for using a small estate affidavit. While some states allow small estate affidavits for estates valued at up to $150,000 or more, Tennessee's limit is $50,000. Tennessee law also requires a waiting period of 45 days following the decedent's death before the affidavit can be filed. This waiting period is intended to allow time for creditors to come forward, ensuring that all debts are accounted for before the assets are distributed.

Small estate affidavits in Tennessee don't apply to real estate property. If the estate includes real estate, a more formal probate process may be required.

How to Fill Out a Small Estate Affidavit in Tennessee

Filling out a small estate affidavit in Tennessee is a straightforward process that involves the following steps:

1. Make sure  you meet the eligibility criteria. The estate cannot include real property, and the deceased must have been a resident of Tennessee at the time of their death. Also, 45 days must have passed since the decedent’s death before you can file the affidavit.
2. Gather necessary documentation. You'll need a certified copy of the death certificate, a detailed list of the decedent’s assets and any outstanding debts or obligations. You’ll also need to identify all heirs or beneficiaries, as this information will be required on the affidavit.
3. Fill out the affidavit. The form itself is available from the probate court in the county where the decedent lived. It typically requires information about the decedent, the total value of the estate, a list of assets and the names and addresses of heirs.
4. Sign and file the affidavit. You have to sign the affidavit in front of a notary public, swearing that the information provided is accurate and that you have the legal right to claim the assets. In Tennessee, the affidavit must then be filed with the probate court in the county where the decedent lived. Some counties may have additional forms or specific requirements, so check with the local court for any variations.

Once the affidavit is filed, and if no objections arise, the court will typically grant permission to distribute the assets as specified. Keep detailed records of all transactions and distributions made from the estate.

How Probate Works for Surviving Spouses in Tennessee

In Tennessee, probate is the legal procedure used to distribute a deceased person’s assets, either following the instructions in their will or, if none is present, in accordance with state law. The process begins with filing the will, if one exists, with the probate court in the county where the deceased lived. If there is no will, the estate is considered “intestate,” and Tennessee’s intestacy laws will determine how the assets are distributed.

Surviving spouses in Tennessee are entitled to certain protections and rights under state law. For example, an elective share allows the surviving spouse to collect a percentage of the estate regardless of what the will specifies. This portion is based on the length of the marriage and can range from 10% to 40% of the estate’s value. Spouses are also entitled to a year's support allowance, which is a set amount of money or property to cover living expenses for one year after the death.

To begin the probate process, the surviving spouse or another designated executor files a petition with the probate court. This petition includes details about the deceased’s assets, debts and the names of any heirs or beneficiaries . The court then assigns an executor or administrator to oversee the estate. This person is responsible for paying any outstanding debts and taxes and distributing the rest of the estate to the rightful heirs.

Probate can be a complex and time-consuming process, but hiring a financial advisor or attorney with experience in Tennessee probate law can provide you with valuable guidance. An advisor can help make sure all legal requirements are met and the surviving spouse receives their entitled share.

Bottom Line

Completing a small estate affidavit in Tennessee offers a simplified and cost-effective way to manage the assets of a deceased loved one when their estate is valued at $50,000 or less. By following the required steps and meeting all legal requirements, heirs can avoid the lengthy probate process and distribute assets more quickly. Consult with a financial advisor or legal professional if you need additional guidance or to make sure the affidavit is completed correctly and the estate is handled efficiently.

Estate Planning Tips

• As life changes – whether through marriage, divorce, or the birth of a child – it’s essential to update your beneficiary designations on accounts like retirement plans, life insurance and bank accounts . These designations take precedence over instructions in a will, so keeping them current ensures your assets are distributed according to your wishes. Regularly reviewing and updating beneficiaries will prevent complications or unintended distributions after your passing.
• Finding the right financial advisor can help ensure your estate plan aligns with your financial goals. Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now .

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