Tennessee Inheritance Loans and Probate Advance Law
In Tennessee, just like in most other states, probate is a relatively straightforward process that legally transfers property from the estate of a deceased individual to heirs as detailed in the person’s last will and testament. A probate court oversees the process, including how the estate is administered, how estate debts are paid, and how the estate is divided among its heirs. Even though Tennessee probate laws are similar to those in other states, there are differences that you should be aware of if you are involved in an estate going through probate.
What are Tennessee Probate Laws?
Tennessee probate laws follow the Uniform Probate Code, which streamlines the process. And while the laws simplify the process, those who are planning their estate and those who are administering an estate should work with an experienced probate attorney. An attorney can help guide you through the probate process, help ensure all required forms are completed properly, and that all deadlines are met.
What is the Probate Process in Tennessee?
The probate process in Tennessee is generally a series of steps that must be completed in order within a specific timeframe. In Tennessee, the case is started when the court is petitioned to probate a will. First, the court validates the last will and testament of the deceased and assigns the executor to the case. Generally, an executor is named in the will, but if not, the court will name an executor, also known as a personal representative.
The executor will send a Notice of Probate to each heir or beneficiary of the estate. Then notice is published to alert creditors that the estate is in probate. Creditors will then have a certain amount of time to file a claim for debt against the estate.
The executor will need to find and catalog the assets of the estate and have the estate appraised for total worth. Then the final taxes of the deceased and estate taxes must be filed and paid. Legitimate claims filed by creditors are to be paid according to state law. If the estate cannot pay its debts, assets may need to be sold to cover them. Other costs and fees that may be incurred during probate include bond premiums, publishing costs, and court and attorney costs.
The final step in a Tennessee probate case is to divide the estate according to the will if there is one, or according to Tennessee law if the decedent did not leave a will, and then to pass the assets out to estate heirs. Be aware, that during probate, the court is in control of the estate even though the executor is managing it. The executor is not able to sell or distribute estate assets during probate.
What Property Must Go Through Probate in Tennessee?
Property that must go through probate in Tennessee includes all estate valued at $25,000 or more. Estates that are smaller than this can be transferred by affidavit to heirs and beneficiaries and bypass the lengthy probate process though debts and taxes must still be paid.
Other types of property that may not need to go through the Tennessee probate process includes that which is held in joint tenancy with right of survivorship like a home. Other types of property that can bypass probate include that which have a designated beneficiary, such as:
- Certificates of deposit
- Checking and savings accounts
- Life insurance policies
- Other investments with named beneficiaries
- Retirement accounts
How Can You Avoid Probate in Tennessee?
In order to avoid probate in Tennessee, you will need to plan your estate so that when you die, your property and assets go automatically to your heirs without needing to go through probate first. You can do this by setting up a living trust. The assets included in the trust remain in your control until you die, at which point, they transfer automatically to your beneficiaries. An attorney that focuses on wills and estates can help you figure out if a living trust would work for your situation.
How Can You Access Tennessee Inheritance Funds Right Away?
You can access your inheritance funds in Tennessee right away with Probate Advance. Instead of having to wait for months or years before your inheritance funds are available to you, you can get an advance on your inheritance and have your funds within 24 to 48 hours. Best of all, getting an advance on your inheritance with Probate Advance is simple and fast.
Probate Advance gives heirs and beneficiaries fast access to the cash they have been given without having to wait for probate. There’re no credit checks, hidden costs, or payment plans because you’re not taking out a loan. When you get a probate advance, you are simply getting the inheritance funds that have already been promised to you. We give you the cash and then collect when probate ends. We wait for probate, so you don’t have to.
Do You Qualify for an Inheritance Cash Advance?
Finding out of you qualify for an inheritance cash advance with Probate Advance is fast, easy, and safe. It doesn’t take long at all to apply, and within days, your inheritance money can be in your bank account ready for you to use. If you are an heir or beneficiary to an estate that is currently going through the probate process in Tennessee, you may qualify to get your money in two days or less.
What Do You Need to Receive a Probate Advance in Tennessee?
To receive a probate advance in Tennessee, you will just need to be confirmed as a beneficiary or heir to an estate in probate. You will need to give us some basic information about you and about the case, and then we can issue your check or transfer your funds to your account in less than two days.
What Areas of Tennessee Qualify for an Inheritance Advance?
Probate Advance provides inheritance advances in all cities and town in Tennessee, including, but limited to:
Don’t forget to check out our resources if you want to learn more about this process and inheritance law in Tennessee.