Estate Settlement
Nov 15, 2024
Nevada Probate Attorney Fees: What to Expect
Nevada probate attorney fees: 4% on first $100k, decreasing to 0.5% for larger estates. Learn statutory rates, additional costs, and factors affecting fees.
Even under the best of circumstances, the death of a loved one is a difficult and traumatic time. However, when your loved one dies without a will (formally known as "dying intestate"), it becomes an even more stressful time, with many legal hurdles to navigate. In this article, we guide you through this process and inform you how probate in Tennessee works when there is no will.
When someone dies without a will, what happens to their assets is determined by the intestacy laws of the state in which they died. In Tennessee, these laws divide the deceased's property into three groups. These are:
What then happens to any exclusive property is determined by who survives the deceased.
There are three possible scenarios here:
- Dying intestate is when you die without a will. Over 67% of Americans don't have an estate plan in place.
- For assets not owned jointly, under a trust, or 401k's with listed beneficiaries - The Tennessee intestate law is enacted.
Usually, when a person dies with a will, an estate executor is named who manages the probate process.
However, the process is slightly different if the deceased has died intestate. Instead of an estate executor, an interested party (usually a child or spouse) asks the court in the district where the deceased died to name them as the estate administrator. The court then issues them with "Letters of Administration."
Once the Letters of Administration have been issued, the administrator can act the same way any estate executor would. They typically open a checking account in the estate's name, place any funds from the estate into it and use the account to pay for any estate expenses. However, before they can open the account, they must obtain a taxpayer identification number from the IRS.
The estate administrator must then notify any creditors of which they are aware. The county clerk will also usually place a notice in the local press to inform any creditors, who then have four to 12 months to press their claim. The administrator is then required to settle any debts when creditors come forward.
In the first 60 days after receiving the Letters of Administration, the administrator is required to submit an inventory of assets to the court and notify any heirs under the terms of Tennessee's intestacy laws. When debts and taxes are paid, the administrator pays out any remaining assets to those entitled, and the probate process is complete.
As long as the estate is uncontested, which can lead to lengthy legal processes, probate for the estate of a person who died intestate in Tennessee will not take longer than six to 12 months. This allows time for creditors to present their demands and for the estate administrator to pay any taxes or other expenses.
If you’re currently dealing with an estate without a will and find yourself struggling, don’t hesitate to reach out. Schedule a free consultation with one of our estate professionals to find out how we can help you navigate this process.
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