Hello all,
The last time we talked, we discovered an alarming statistic that only 33% of Americans have Estate Planning documents in place at the time of their death. The absence of a will, or dying intestate, can have significant implications for the distribution of your assets.
I run into so many people that think they know how their property will pass by state law when they die. They are usually shocked when I explain how things really work. So, I thought it would be a good idea to give you a little cheat sheet on intestate succession.
So, who gets your stuff when you die in Tennessee without a will?
Below is a handy chart that will help you determine how your estate would be distributed in several different scenarios. It is important to note there are a few caveats to this chart that will not be discussed in this post but generally this is the manner in which Tennessee Intestate Law directs assets.
How Property Passes in Tennessee When You Die Without A Will
| If you are: | The property goes to: |
| Married, no kids | To your surviving spouse |
| Married with one (1) kid, grandkids, etc. | ½ to surviving spouse, ½ to kid |
| Married with more than one (2+) kid, grandkids, etc. | 1/3 to surviving spouse, rest divided evenly between the kids |
| Single (widowed, divorced, etc.) with no kids but living parents | To your parents equally, even if they are divorced or to the survivor of them (i.e., a sibling) |
| Single (widowed, divorced, etc.) with no kids living and no living parents | To your brothers and sisters equally, if a sibling has died, his or her children will take their parents share |
| Single (widowed, divorced, etc.) with no living kids, no living parents, no living siblings, but with a grandparent living or child of the grandparent living, or child of the grandparent’s child living. | One-half to your father’s parents, or to the children, grandchildren, etc, if both are dead;
One-half to your mother’s parents, or to the children, grandchildren, etc, if both are dead;
***If there are no grandparents or children, or grandchildren on one-side of the family the other side will take all***
|
| Single (widowed, divorced, etc.) with no children, no siblings, or children of the siblings, no parents, grandparents or children of the grandparents living | Entire estate will pass to the treasury of the State of Tennessee |
Were you right? Were you surprised? Either way if you at least have a simple will in the state of Tennessee you gain control of the disposition of your assets. Additionally, by drafting a will you have the potential to save money on bonds and time on accounting. It really makes sense to put some planning in place now. Your loved ones will thank you for it!
We Can Help
If you are unsure where to start or just want to make sure that you have everything done properly, we can help. Contact us today and find out more.
