When a resident of Maury County, Tennessee, passes away, the necessary probate processes are the same as those elsewhere in the state. Probate helps settle an estate by accounting for all assets, paying off all debts and validating a will if it exists. The final probate process makes sure all remaining estate assets are distributed according to either the will or the state laws.
Small Estate
As of May 2011, if a decedent's estate assets are valued at $25,000 or less the estate may qualify for small estate simplified probate in Tennessee. The small estate value limitation does not include real estate or any property that is held jointly with the right to survivorship. An estate executor has to file a written request with the probate court and be approved for the simplified probate process before he can proceed with asset distribution.
Probate Assets
When a decedent owned real estate and personal property valued above $25,000 then a standard probate process is required in Tennessee. In Maury County, probate cases are opened through the circuit court. Probate assets include bank or investment accounts that were held individually, real estate and land, vehicles and valuable personal property such as jewelry, precious metals and collectibles.
Probate Taxes
As of May 2011, if the combined value of all estate assets is $1,000,000 or more, additional estate taxes may be due. As with other debts, taxes must be paid from the estate assets so that surviving family members and heirs are not held liable for them in the future.
Non-probate Assets
Non-probate assets are items of value not included as part of the estate asset list in a probate case. Non-probate assets include real estate owned jointly with the right to survivorship, bank accounts that are payable upon death to a specific person and investment or bank accounts that have a named beneficiary. Any assets that do not have a named beneficiary, or are deemed payable to the estate upon death, are probate assets that can be used to pay off outstanding debts the decedent left behind.
0 comments:
Post a Comment