Guiding Families Through Small Estate Proceedings
The probate process can be daunting. However, there are options for simplified probate that can ease the challenges of estate administration. Smaller estates may qualify for such a formal probate exemption. We at Crislip Philip, can help you and your family understand your options. Our small estate attorneys guide clients in Memphis and Western Tennessee through estate administration. Turn to our team for dependable support backed by over 75 years of experience.
Are Small Estates Treated Differently In Probate In Tennessee?
States vary greatly in their probate rules. Many have provisions for simplified processes for small estates, such as small estate affidavit procedures or summary administration. Tennessee is among these states. Such small estate proceedings have the potential to significantly reduce the time and costs associated with estate settlement.
What Constitutes A Small Estate In Tennessee?
In Tennessee, an estate must meet specific criteria to be considered “small” for probate purposes. The total value of the estate must be under a $50,000 asset threshold, and it must not include any real estate. Common property types in a small estate include:
- Bank accounts
- Stocks and bonds
- Retirement accounts
- Business interests
- Life insurance
Our team can advise you on whether a deceased loved one’s estate would qualify as a “small estate” under Tennessee’s estate value limits.
Tennessee’s Small Estate Process
Here in Tennessee, the small estate process involves several steps:
- An eligible party files a petition for limited letters with a court.
- If the court approves, it issues limited letters to the estate’s personal representative.
- The personal representative uses these letters to gather and protect the decedent’s property.
- The personal representative performs property transfers according to the will or intestate succession law (if there is no will).
Our knowledgeable attorneys have a deep understanding of Tennessee small estate law and stand ready to guide you through the process from start to finish.
Who Can File?
Who can file a petition to start the small estate process in Tennessee depends on whether the deceased had a will. Without a will, any heir under state intestate law can file. If there is a will, the personal representative named in the will should file.
When Can You File A Petition For Limited Letters?
A petition for limited letters can be filed once 45 days have passed since the deceased’s passing. It cannot be filed if someone has applied for the appointment of a personal representative within those first 45 days.
How Our Seasoned Team Can Help
We assist interested parties in Tennessee small estate proceedings. Our experienced attorneys can advise personal representatives on their administrator/executor duties and how to fulfill them. We can also help beneficiaries and heirs protect their rights and interests in small estate proceedings. Additionally, our lawyers can help individuals who have smaller estates take the Tennessee small estate law properly into account within their estate planning. Whatever your particular small estate needs, we stand ready to help you pursue smooth and effective solutions.
Let Our Small Estates Lawyers Guide You Forward
When it comes to legal matters involving small estates, you don’t have to try to find the right path forward alone. Put an experienced legal team on your side. Our knowledgeable attorneys are ready to answer your questions and give trusted, comprehensive guidance. Schedule a consultation with us today by emailing us or calling 901-201-5078 or toll-free at 800-335-9613.