Asset Inventory in Tennessee

Probate is generally necessary when:

• The deceased owned assets in their name alone
• There’s no designated beneficiary for certain assets
• The named beneficiary is deceased
• There are disputes about the will or estate

The duration of probate can vary widely depending on the complexity of the estate and potential disputes. Simple estates might be settled in a few months, while more complex cases can take a year or more.

Assets that typically go through probate include:

• Real estate owned solely by the deceased
• Personal property (vehicles, furniture, etc.)
• Bank accounts in the deceased’s name only
• Stocks and bonds in the deceased’s name

Assets that often avoid probate include:

• Property held in joint tenancy with right of survivorship
• Assets with designated beneficiaries (like life insurance policies and retirement accounts)
• Assets held in a living trust
• Payable-on-death bank accounts

The executor (named in the will) or an administrator (appointed by the court if there’s no will) is responsible for managing the probate process. This person, also known as the personal representative, has a fiduciary duty to act in the best interests of the estate.

The main steps typically include:

1. Filing the will and petition with the probate court
2. Notifying heirs and creditors
3. Inventorying the estate’s assets
4. Paying debts and taxes
5. Distributing remaining assets to beneficiaries
6. Closing the estate

Yes, probate can often be avoided or minimized through estate planning strategies such as:

• Creating a living trust
• Using joint ownership with right of survivorship
• Designating beneficiaries on accounts and policies
• Gifting assets during one’s lifetime

If someone dies intestate, state laws determine how the assets are distributed, typically to the closest relatives. The court will appoint an administrator to manage the estate through the probate process.

Probate costs can include:

• Court filing fees
• Attorney fees
• Executor fees
• Appraisal and accounting fees
• Bond premiums These costs are typically paid from the estate and can sometimes amount to 3-7% of the estate’s value.