Tennessee

To the best of our knowledge, the information provided below is current and accurate. Always be sure to consult with a jurisdictional authority before using this information to educate or counsel your clients.

State Estate or Inheritance Taxes

Tennessee has no state estate or inheritance tax.

Small Estate Probate

Every state offers a fast track or shortcut for the probate of "small estates." Some assert that probate court is the proper forum for passing a small estate to the heirs, the idea being that if an estate is not valued over a certain minimum threshold, it is too small for serious estate planning.

To be sure, when a state's small estate probate threshold is extremely low, using this shortcut to settle an estate that qualifies may be the obvious choice. However, the small estate probate threshold in some states is substantial, in which case serious issues should be considered before you allow a client to go to the default system of the state court. When small estate probate is appropriate and what the client desires, refer to the following information.

Tennessee has a simplified probate process for small estates. To use it, an executor files a written request (affidavit) with the local probate court asking to use the simplified procedure. The court may authorize the executor to distribute the assets without having to jump through the hoops of regular probate.

You can use the simplified small estate process in Tennessee if the value of the property, not counting property held jointly with right of survivorship or real estate, is $50,000 or less. There is a 45-day waiting period. Tenn. Code Ann. § § 30-4-102 and following.

The executor must include the original will with the affidavit. The form lists the deceased person's assets and debts, not including real estate. The form must also list the address of each creditor and the amount of each debt, the names and addresses of anyone who has the decedent's property, and a list of insurance payable to the deceased person's estate. The form also lists the name, age, address, and relationship of each inheritor.

The affidavit must be accompanied by a certified copy of the death certificate. The executor may be required to secure a bond, which serves as insurance that he or she will properly administer the estate. The amount of the bond is equal to the estate value. After paying all the claims of the estate, the executor can file an affidavit saying this to fulfill the bond requirements and be released from it. Tenn. Code Ann. § 30-4-103.