Do you need a will in Tennessee?
The short answer is simply no. People die every day without a will because having a will does not prohibit or delay death.
The practical answer is yes, you need a will.
In Tennessee, you do as a practical matter have a will whether you recognize it or not. In Tennessee, there are a series of laws which will function as your “default will” if you do not have your own. These statutes define a process more commonly referred to an “intestate succession”. These statutes will define who can and cannot serve to administer your estate. The statutes establish who inherits your assets. The statutes defined how the claims of your creditors will be paid. The statutes make sure that an inventory of your assets, the claims against you, your heirs, and what they received will all be matters of public record after your death (although that might be overcome in some instances). The fact is that these statutes will take care of distributing your assets they way the state thinks that they should be handled if you fail to have a valid will.
There are many things that you can do with a will, particularly one that is properly drafted by an attorney with experience writing wills. For example, you can select who will administer your estate and name alternates. You can name administrators who are not otherwise in the orders of preference that the statutes establish if you don’t have a will.
A will let’s you define specifically how you want your estate distributed. In fact, many people pick an option that is different than the statutory default distribution plan. In a will, you can establish delayed distribution plans and trusts to not only take care of spouses, children, family members and even pets, but you can detail how and when the distributions to or for those individuals are timed and in what amounts. You can also protect those assets from the claims of the creditors or potential creditors of your heirs.
A will lets you include specific bequests so that you can leave individuals, entities and third parties specific amounts or items that the statutory default rules do not contain. Many people, for example, will include specific gifts to grandchildren, nieces, nephews, cousins, other family members, friends, colleges, high schools, churches and benevolent organizations.
A will lets you exclude people from inheriting your assets if that is what you desire to do.
With a will you can waive requirements for inventories, accountings, some court reports and other statutory steps all of which can save expenses for your heirs. With a will you also have an increased range of options to keep the scope of your estate and the details on who inherits what assets out of the public record.
The fact is you do not have to have a will Tennessee. You can die even if you don’t have one. But, if you do want to have some choice over who administers your estate, how it is administered and who inherits from you, you have to have a will to do that right. If you would like to discuss your existing will or the need to create one, please feel free to contact us to make an appointment.