Although most people believe they need to have a last will and testament, they procrastinate and put it off for tomorrow. But what if tomorrow doesn’t come? Let’s say you are in a tragic accident and you are killed instantly. If you die without a will, what happens to your assets?
There are a couple of things that could happen, depending on who owns your property and who survives you. Here is an overview of what happens in Tennessee if you do not have a will when you die.
When a person dies without a will, he or she dies intestate. Each state has its own specific intestacy laws. In Tennessee, the intestacy laws in the Tennessee Code determine how your probate estate will be divided if you die without a will (die intestate). Plan for the future with lawyers for personalized will creation to minimize the involvement of the state government of Tennessee in your estate.
Tennessee intestacy laws divide a decedent’s estate based on property ownership, as follows:
Tennessee intestacy laws determine how intestate exclusive property is divided. Joint property and trust property are exempt from the probate process and pass directly to the joint owner or to the trust beneficiary, respectively.
Tennessee intestacy laws also determine how the decedent’s exclusive property will be distributed to a surviving spouse or how the property will be divided among a surviving spouse and surviving dependents. There are three basic potential scenarios for what could happen:
While envisioning the third scenario, consider the following examples:
Example 1: You die intestate and your estate is worth $300,000. You are survived by your spouse and one child. According to Tennessee’s intestacy laws, your spouse should inherit the greater share of either one-third or a child’s share of your estate. If your surviving spouse received one-third of your $300,000, he/she would receive $100,000, which is less than the child’s share of $150,000. In this case, the child’s share amount trumps the one-third amount, and the surviving spouse inherits $150,000.
Example 2: Your estate is worth $300,000. You are survived by your spouse and three children. In this case, your spouse inherits one-third of your estate, equaling $100,000., and each of your three children inherit approximately $66,666. Because the one-third portion of the estate is greater than the amount of one child’s share, your spouse receives the greater amount of $100,000. Your three children split the remainder of the estate in equal parts.
The lawyers at Crow Estate Planning & Probate have the knowledge and experience to create a will that meets your goals. Consult our will attorneys today.