How To Assess the Value of Personal Property for Probate in Tennessee

The loss of a loved one is never easy. While you grieve for the person who has passed away, there are also the practical aspects of the estate they left behind that you must address. If you’ve been named your loved one’s estate executor, then a part of your job will be to assess the value of the deceased’s personal property for probate in Tennessee.

Probate begins when the estate executor files the deceased party's will at the county clerk's probate office and submits a petition for probate at the probate court in the deceased’s state of residency. Once the will's validity is proven, the executor receives official authorization to carry out their duties. The executor of the estate is responsible for submitting an inventory of all the deceased's assets, along with notifying those who stand to inherit. Beneficiaries receive the balance of the estate according to the will after all applicable taxes and debts are paid in full.

What assets does Tennessee consider as personal items?

Following the death of a loved one, it is often confusing to understand which assets are required to go through probate and which are excluded. The simplest way to think of this is that any assets that were solely in the name of the deceased must go through probate. These items are appraised for current market value and distributed to the appropriate beneficiaries in accordance with the will.

The types of assets that are considered personal items are loosely defined as assets that you can move and take with you. These include:

• Household items like furniture, books, and artwork
• Vehicles
• Clothes
• Jewelry
• Phones, computers, and other electronics
• Collections and memorabilia

In some cases, if the estate's value falls below a specified dollar amount, probate is simplified or not required. The total of the estate, not counting the value of the real estate, must be no more than $50,000 to qualify for simplified probate.

If there are assets with joint tenancy, the asset is automatically transferred to the surviving party and no probate is necessary. Items typically not subject to probate include:

• Jointly held real estate, cars, and bank accounts
• Retirement plans that list a specific beneficiary
• Life insurance policies with a specified beneficiary
• Transferable on death assets, such as retirement accounts, that have specific beneficiaries

Understanding the difference between probate assets and non-probate assets is essential to make the process run more smoothly and avoid confusion over what needs to be submitted to the court and what can be skipped. Clear communication and transparent valuation of assets are critical to minimize misunderstanding and keep everything honest. This can help to prevent disputes over property that may arise amongst the family and friends of the deceased.

How Are Personal Items Appraised for Probate?

The value of all assets left behind is calculated from the time the individual passed away. Personal items require appraisal so the probate court has an accurate estimate of the estate’s entire value. This monetary amount is important to know to settle any debts and fairly divide the remaining assets between the named beneficiaries.

The administrator or executor of the deceased’s estate is responsible for making an inventory of all probate assets. This individual must gather documentation of the assets by doing the following:

• Find all financial accounts and current balances.
• Identify the titles of all vehicles, find out if a loan exists on the vehicle, and get an estimated value using a reputable source.
• Locate the deed to any real estate property. Prove the value by submitting the most recent property tax assessment or by obtaining an appraisal. Include information on any mortgage and homeowners insurance.
• List all household items and submit photographs or videos as part of the record. Estimate the value of these items. Get a professional appraisal for high-value items such as antiques and jewelry.

Carefully determine which assets to include in the inventory list. Make sure that jointly held assets are excluded and be prepared to show documentation to prove the reason for not including them.

An inventory and appraisal of all personal items are required within 60 days from when probate is filed in the state of Tennessee. If you’re currently struggling to compose an inventory of your loved one’s estate, then we can help. Our seasoned estate professionals can walk you through every step of the process, from submitting documentation to the court to organizing an inventory of assets. Get in touch today for a free consultation.