Estate Settlement
Aug 27, 2024
CA's Independent Administration of Estate Act Explained
Explore CA's IAEA: Full vs. limited authority, court-free actions, and notice requirements. Learn how to expedite probate and when the Act doesn't apply.
When someone dies, the person's property, belongings, bank accounts, and other assets are distributed to their descendents in accordance with their will. Nonetheless, there are some instances where a probate court gets involved, even if the will lays out specific instructions.
The size of the estate often determines whether an estate needs to be probated, which is the legal process by which the will is validated and the nominated estate executor receives the authority to carry out their duties. The estate’s size is comprised of assets that require going through probate. However, there are some assets that can skip probate, thereby simplifying the process or even allowing executors to skip it altogether.
Probate is a legal process that validates the last will and testament of a person who has died, appoints an executor (if one is not named in the will) and oversees the distribution of assets outlined in the will.
Probate court also gets involved with estates where the person who died does not leave a will. In these cases, the court appoints an executor and seeks the people with the closest family ties to the deceased and awards them the assets of the estate according to specific succession laws.
The probate process usually takes between six months and one year if no one contests the will or any other legal issues crop up.
Not all assets have to go through the probate process in Tennessee. If assets have a named beneficiary or are jointly held, then they usually go straight to the beneficiary or the surviving owner without needing to be probated. However, the following assets do require probate:
Some assets are transferred directly without having to go through the probate process. These include:
If the person's estate is valued at no more than $50,000 and does not include real estate, then the state of Tennessee offers a simplified, less time-consuming version of probate. To use this method, the executor must send an affidavit to the court outlining the estate's assets and debts, along with a death certificate and contact information of all beneficiaries. The court will rule whether it will allow the simplified probate within 45 days. If allowed, the assets can then transfer directly to the heirs.
To learn more about how probate works in Tennessee and what assets are subject to the court procedure, reach out and schedule a free consultation with ClearEstate. Our knowledgeable and friendly estate professionals are happy to answer any questions you have and provide assistance as needed.
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