Many people only have a vague understanding of Tennessee probate law and what it entails until they have to live through it. When a deceased loved one’s estate ends up in probate, it’s often frustrating for the heirs. You may have to wait several months or longer to receive your inheritance.
If you need access to your inheritance now, Rockpoint Probate Funding can help. We offer a cash advance service where you can receive some of your expected inheritance while you wait for the completed probate process.
We do not base the amount you could receive on your current employment status or credit report. The amount only depends on what you expect to receive for an inheritance.
To help you decide whether taking a cash advance is the best option for your situation, it’s advantageous to learn more about the pros and cons of Tennessee probate law. Let’s walk you through them below.
Why Does Tennessee Probate Take So Long?
Most estates can complete the Tennessee probate process within six to 12 months. However, cases where some heirs are questioning the will’s validity can take longer. If the estate has a large number of unusual assets that are difficult to value accurately, the process often takes more than a year.
When going through probate in Tennessee, the court and the estate executor must follow multiple steps. In most cases, the executor cannot skip steps or speed up the process. The steps the executor must follow to use Tennessee probate include the following:
- Filing a notice with the court about your loved one’s death
- Appointing an executor to oversee the probate process
- Notifying all heirs and creditors of the decedent’s death
- Giving creditors four months from the date of notification to file any claims against the estate
- Taking inventory of the estate’s assets
- Determining a value for each of the estate’s assets
- Paying all valid creditor claims
- Filing and paying any taxes that the estate owes
- Selling assets as needed to satisfy the debts
- Distributing the remaining assets to the heirs
Through TN Code § 30-1-407, executor compensation is possible. The court must approve the compensation plan for the executor. This amount compensates the executor for the time and skill required to manage the estate.
Dying Without a Will
Should your loved one die without having a will, the estate goes into Tennessee probate under intestate succession. The court follows state law to determine how to distribute the estate’s assets. The surviving family members often have little or no input on the distribution.
TN Code § 31-2-104 determines the percentage that each heir receives under intestate succession.
Should some potential heirs dispute the court’s application of the statute, this can significantly complicate the process. If your deceased loved one had a complex family situation, you could be waiting a year or longer for the estate to move through probate using intestate succession.
Waiting for Your Inheritance
You must wait for the executor to settle all debts before receiving your inherited assets. Even if the process is smooth, creditors receive four months to file any claims, so you’ll wait at least that long to receive the assets. The process takes even longer if anyone contests the will’s validity or questions whether a creditor’s claim is legitimate.
For a faster option, reach out to Rockpoint Probate Funding to discuss whether a cash advance against your expected inheritance is a good idea for you.
Options for Avoiding or Shortening Tennessee Probate
Because of the lengthy probate process, many surviving family members look for ways to avoid it. However, unless the decedent took estate planning steps before the death, most options for avoiding probate aren’t available to the heirs.
Using a Revocable Living Trust
If your loved one created a revocable living trust before dying, this document can keep assets out of Tennessee probate. TN Code § 35-15-601 specifies some of the rules regarding living trusts.
When your loved one places the estate’s assets in the living trust, this entity holds the assets. At the time of your loved one’s death, those assets are not in your loved one’s name. This keeps the assets out of probate.
The trust has rules for determining when the assets pass to the heirs.
Managing a Small Estate
Tennessee recently passed updated legislation regarding small estate affidavits. This new legislation, called the Small Estate Probate Act, eliminates small estate affidavits and sets up new rules for families to follow when the decedent has a small estate. These are as follows:
- The estate must have a value of $50,000 or less.
- Families cannot petition for using the Small Estate Probate Act until at least 45 days after the death.
- The estate cannot have any real estate.
If the court finds additional assets while applying the act, it could require the estate to go through full probate.
Passing Assets Directly
Certain assets have a named beneficiary. Such assets do not need to go through Tennessee probate, as they automatically pass to the beneficiary upon death. Assets that commonly follow this procedure include the following:
- Life insurance policies
- Retirement accounts
- Investment accounts
- Bank accounts
Additionally, jointly owned property would pass automatically to the surviving owner when one of the joint owners passes away.
Is Your Inheritance Stuck in Tennessee Probate? Reach Out to Rockpoint Probate Funding for a Cash Advance
When a loved one dies, you may not be ready for everything that follows. Going through a funeral and the grieving process are difficult. Waiting to receive your inherited assets on top of all that can be frustrating.
When your loved one’s assets look like they’ll be stuck for months in Tennessee probate, you may look for another option. At Rockpoint Probate Funding, we provide a cash advance on your expected inherited assets. You can access some of the monetary value now rather than wait indefinitely.
To discuss whether taking a cash advance fits your needs, reach out to Rockpoint Probate Funding today at (888) 263-8588. We’ll explain your options for free.
