By Jorie Zajicek and Ryan C. Davis
What Is A Small Estate Affidavit in Tennessee?
Under Tennessee Code Annotated § 30-4-101 et seq., a “small estate” is defined to mean an estate in which the value of the property does not exceed $50,000. As of July 1, 2022, a small estate affidavit cannot be used if the decedent had a will or if the decedent had any interest in real property.
What Are the Benefits of a Small Estate Affidavit?
Generally, small estate affidavits are more efficient and cost-effective compared to the typical probate process. A full probate requires a number of filing and takes at least four (4) months. On the other hand, a small estate administration is considerably less complex, requires less filings, and can typically be resolved much faster.
Determining Property Value for a Small Estate Affidavit
Under the small estate statute, property is limited to personal property owned by the decedent at the time of death. This does not include any personal property payable to a beneficiary other than the decedent’s estate. For example, if there is a life insurance policy for $100,000, this life insurance policy would not be considered the decedent’s property if there was a designated beneficiary. Conversely, if the life insurance policy did not have a designated beneficiary, then it may come into the estate and would count towards the decedent’s property value.
What is Needed for a Small Estate Affidavit?
After forty-five (45) days from the decedent’s date of death, a Small Estate Affidavit can be filed with the probate court in the county where the decedent resided at the time of their death. This Affidavit must include: (1) whether the decedent left a will; (2) a list of any unpaid debt; (3) a description of the decedent’s property including the property value; and (4) the names, ages, addresses, and relationship of any heirs.
How Do I Get Started?
While a Small Estate Affidavit is considerably less complex than a formal probate matter, it can still be complicated and confusing if you are not familiar with the process. It is always a good idea to consult an experienced probate attorney to help you through the process. We would be happy to help you navigate this process. Call our experienced probate attorneys in Nashville, Tennessee today 615.649.0110 to schedule a consultation.
