Tennessee Probate | Inheritance Advances in Tennessee

Tennessee Probate Process

Probate is a critical court process that verifies wills or determines estate representatives after a person — the decedent — passes. Probate makes sure the decedent’s estate is distributed as they defined in their will or by state law if they died intestate, meaning they had no valid will when they died. This process protects the decedent by handling and distributing their assets properly, and it protects the beneficiaries by ensuring they receive what their loved one wanted them to have.

How probate works and when it’s necessary varies widely between states. In Tennessee, probate laws require court supervision for estates worth over $50,000 and those that include real estate. However, some assets, like life insurance payouts and jointly owned property, are not subject to probate. The probate process in Tennessee involves:

1. Proving the validity of the will.
2. Taking an inventory of the decedent’s property.
3. Having the property appraised.
4. Paying taxes and debts.
5. Distributing the property.

During probate, the court appoints an executor to manage the estate and validate existing wills as an estate representative. The representative gathers and itemizes assets and accounts. The representative also uses the estate’s assets and account funds to pay off all outstanding debts before distributing money to beneficiaries.

The court will authorize the distribution of the inheritance to the rightful heirs after the completion of all necessary steps. Heirs are unable to collect money or assets until after the probate process.

How Long Does Probate Take in Tennessee?

The probate process can begin any time after a person’s death — Tennessee does not penalize heirs who wait to start the process. The process starts when the executor files a petition with the probate court, and the court oversees the process from there.

The length of probate varies for every case in Tennessee. Probate for a straightforward and uncontested will could wrap up quickly. However, if the person dies intestate or the will is contested, the estate could be stuck in the process for years.

The key problem with Tennessee’s probate process is that it takes an extremely long time from start to finish. On par with the national average, probate takes a full year and a half to finally distribute the inheritance money to the heirs. Delays in the legal proceedings can cause the process to take even longer, with some estates taking three years or more to settle before heirs can receive their inheritances.

While probate is in process, heirs are not able to access the money their loved ones wanted them to have. Having a rightful inheritance blocked for years by a legal process can prove very frustrating, so many heirs look for alternative ways to receive their inheritances without the probate process.

How Much Does Probate Cost in Tennessee?

The exact cost of probate in Tennessee varies with every case and by jurisdiction. The assets cover the costs of the probate, reducing the value of the assets divided among the heirs when the estate is settled.

The cost of probate in Tennessee varies depending on factors like:

• The complexity of the estate.
• The types of assets in the estate.
• The tasks completed during the probate process.
• The county or city where the case is filed.
• Whether there is a will.
• Whether the heirs contest the will.
• Probate attorney fees if one is consulted.

The most common costs you can get when going through probate include:

• Executor or administrator fees
• Accounting fees
• Letter and certificate fees
• Appraisal services
• Filing fees
• Mail and notification costs

Look at the fee schedule for the clerk of court in your area to learn more about exact probate costs.

What Happens If There Is No Will?

If the decedent dies intestate, their assets go to their beneficiaries or next of kin. In Tennessee, next of kin refers to the people who have the closest blood relation to the decedent.

The estate of a person who dies intestate will pass to their listed beneficiaries. If there are no listed beneficiaries, equal shares of the estate will pass to the person’s next of kin. The order of inheritance in Tennessee is:

1. Spouse
2. Children
3. Parents
4. Siblings
5. Nieces and nephews
6. Grandparents
7. Aunts and uncles
8. The next closest relative

The next of kin eligible for an inheritance — and the share of the estate they can receive — depends on the decedent’s survivors. Tennessee follows this inheritance structure to define the share of the estate the next of kin receives:

• Spouse and children: The children and spouse get equal shares, but the spouse must collect at least one-third of the estate. Grandchildren will receive the inheritance if their parents have died.
• Children only: The children will get equal shares of the estate.
• Spouse only: The spouse will inherit the entire estate.
• Parents only: The decedent’s parents will inherit the estate.
• Siblings only: The decedent’s siblings will share the estate.

How to Avoid the Probate Process In Tennessee

The first way to avoid probate is by having a plan for one’s estate when they pass. Putting an estate into a living trust with listed beneficiaries will bypass probate. Other accounts exempt from probate include bank, investment and retirement accounts.

Another way to avoid probate is by requesting either a cash advance or a probate loan.

Access Your Inheritance In Tennessee Immediately

With an inheritance advance from Inheritance Funding Company (IFC), you can access the money your loved one meant for you to have right away. We offer the fastest, easiest way to bypass probate and claim as much of your inheritance as you want immediately. We’ll provide a cash advance in exchange for your inheritance, meaning we’ll spend the time waiting around for probate to finish so you don’t have to. The money is yours to use however you’d like.

Skip the Loan — Get an Inheritance Advance

You can learn more about the inheritance process on our FAQ page, where our experts chime in about some of the most common questions we hear from heirs like you. Contact us directly if you have a question not listed here. Our friendly team will be happy to help you consider your options for navigating the probate process in Tennessee.

Request a Cash Advance From IFC

If you need a probate loan in Tennessee, call us today to see how our probate cash advances can help you access your money in as little as one day.

IFC has the resources and probate expertise to help you immediately. We’ve provided hundreds of millions of dollars in advances since our start in 1992. To get started with IFC, request a free zero-obligation consultation with our staff.

We’re more than happy to walk you through the Tennessee probate process and answer all of your questions. You’ll have no hidden fees or monthly payments, and credit and income are never an issue. There’s no need to wait years for what’s yours — submit this page’s contact form so you can access your money right away.