The Tennessee law of Estates addresses a number of topics. In general, each of these estates are overseen or supervised by a court. Since the court does not have the time or resources to individual oversee and administer each estate, the court typically appoints a personal representative who is charged with the duty and granted the power to administer the assets of the estate.
There as several types of estate under Tennessee law. These include but are not limited to:
Probate Estates. These estates exist for the limited purpose of collecting the assets of the deceased, paying the claims of creditors, paying tax obligations, and distributing the remaining assets pursuant either to the terms of will and/or pursuant to the laws of intestate distribution if there is no valid will.
Minor’s Estate. This is an estate which is created when a minor (someone under the age of 18) inherits or receives substantial assets. Sometimes, these estates are created when one or both parents die. Sometimes they are created when a grandparent or other relative dies and the child inherits substantial funds. In other instances, such as when a child has been seriously injured in a personal injury accident, the estate is created to ensure that the child’s assets are protected until he or she reaches the age of 18.
Incompetents. The law has provisions to protect those who do not have the mental capacity to take care of their personal affairs. In some instances these individuals lack mental capacity from birth. In other instances, they may have had mental capacity but are determined to have lost it by accident, injury, disease or even age.
Each of these types of estates can involve problems which cannot be adequately handled in most instances without the assistance of an attorney. We would be pleased to meet with you if you have a need in one of these areas to discuss your options.