Despite the fact that most individuals believe they should make a will and testament, they procrastinate and put it off until tomorrow. But what if tomorrow never comes? Assume you are in a terrible accident and die on the spot. Then what would happens to your assets if you die without a will? There are a few possibilities based on who owns your property and who survives you. Here is a summary of what occurs in Tennessee if you die without a will.
Tennessee's Involvement in Estate Property- Dying Intestate
A person is considered to have died intestate when he or she dies without a will. Intestacy laws differ from state to state. If you die without a will in Tennessee, the intestacy laws in the Tennessee Code define how your probate estate will be distributed (die intestate).
The following is how Tennessee intestacy rules split a decedent's estate based on property ownership:
• Exclusive Property - Only property possessed solely by the decedent is subject to intestate succession regulations.
• Trust Property - property that has previously been placed in a trust with a named beneficiary is exempt from intestate succession regulations.
• Joint Property - If a spouse, partner, or someone else jointly owns property with the decedent, the property transfers to the joint property owner via survivorship rights and is not subject to intestate succession laws.
Tennessee intestacy rules govern the division of intestate exclusive property. Joint property and trust property are exempt from probate and pass immediately to the joint owner or the trust beneficiary.
Surviving Spouse and/or Descendants of a Dying Intestate
Tennessee intestacy rules also govern how the decedent's sole property is allocated to a living spouse or shared among a surviving spouse and surviving dependents. There are three primary possibilities for what could happen:
1. If you have a surviving spouse but no children, your spouse will get an equal share of your probate estate.
2. If you have children but no surviving spouse, your children will share the whole probate estate, per stirpes. (Per stirpes indicates that if a descendant dies before you, his or her share of the probate estate passes to his or her heirs.
3. If you have both a living spouse and descendants, your spouse receives one-third of your probate estate or the same portion of a probate estate as a child. The spouse receives the bigger of the two percentages. The remaining portion of the probate estate is then divided evenly among the children.
Dying Intestate: No Surviving Spouse or Children
If you die intestate and do not have a spouse or children, the State of Tennessee requires that your estate be divided among your surviving parents. If you die before your parents, your estate is divided equally between them. If only one parent survives you, the surviving parent receives your entire inheritance.
If you die intestate and have no surviving spouse, offspring, or parents, your estate is split equally among your siblings. If you die before a sibling, the deceased sibling's heirs will receive his or her portion of your probate inheritance.
If you die intestate, with no surviving spouse, children, or parents, and no siblings, nieces, or nephews, the State will look for nearest surviving relatives.
If no family members survive you, your probate estate will be returned to Tennessee.
Bottom Line
Do you require professional assistance in your certain case? Consult with a Probate Lawyer in Memphis, TN as soon as feasible to pursue the matter.
