Nashville Estate Administration Law Blog

Inheritance. It's a word that makes many people excited, but it can be a devastating word as well. When you're receiving an inheritance, it usually means that someone you love has passed away. It may also mean that there is a golden lining to their passing in the form of assets.

While it's hard to deal with the loss of a loved one, an inheritance can sometimes soften the blow in some ways. It might mean you have more money to fall back on or to use while you grieve. It may mean you have property you didn't in the past so that you can continue to grow your own wealth or improve your life in other ways.

In Tennessee, estates under the value of $25,000 can be administered under the Small Estates Act. The administration of a small estate is less formal, but it should only be used in uncomplicated cases. For example, if your loved one passes away with only $20,000 and no debts, then handling the estate with the Small Estates Act would be feasible.

When you want to file a Small Estate Affidavit, there are a few things you need to do. You will need to show:

• That the decedent lived in the county.
• That the defendant left a will. If not, you will need to state that no will is present.
• If the affiant has elected to provide notice to creditors.
• The name, address, age and relationship of all heirs, legatees and devisees who may be entitled to property in the estate.
• A description of the assets belonging to the decedent as well as the value of those assets.
• A list of unpaid debts along with the mailing addresses of those creditors.

Executing a will is an important part of handling your loved one's estate. After the death of your loved one, you may be established as the executor. If that happens, then it is your responsibility to carry out their wishes and to help settle their debts and accounts. You'll be in charge of distributing their assets to their beneficiaries as well.

An executor has a powerful position, but you must be cautious in the role. Executing a will is a complex process. To start with, you need to begin working as the executor the moment your loved one passes. You have to find the most recent copy of the will to start executing the wishes of your loved one, too.

Heirs to an estate have a lot to gain, but they need to know how to take care of their parents' or loved ones' estates to make the most of the assets they receive.

It may come as no surprise that heirs often make mistakes with the inheritances that are left to them. Here are three common mistakes that heirs make so that you can take steps to avoid them.