An estate plan is an opportunity for someone to craft their own legacy. They decide exactly what each of their children and grandchildren should inherit. They can leave money for charitable causes. People in blended families might make plans to allow their spouse to live in their home without depriving their children of the right to inherit the house later.
Creating a thorough estate plan allows someone to leave financial resources for the people they love and to provide them with guidance and support after their passing. Unfortunately, many people do not put together estate plans before something happens to them. Their families are then at the mercy of Tennessee state statutes.
What happens to an estate if someone dies without a will on record?
Tennessee has laws about property distribution
Dying without a will is quite common, so it makes sense that there are already laws on record for that exact situation. Intestate succession laws determine how the person representative overseeing estate administration distributes someone’s property after their death. If the decedent was married without children, their spouse inherits everything in their estate.
However, if there are children, they have a right to inherit from the estate as well. The spouse and the children must evenly split the estate. The surviving spouse has a right to inherit at least one-third of the overall estate. When there are children but no surviving spouse, the children should split the estate evenly among themselves.
If there are no children or a spouse to inherit from the estate, then the parents of the deceased could inherit everything. If there is only one surviving parent, they may have to share the estate with the decedent’s siblings. If there are no surviving parents or siblings, nieces and nephews might inherit from the estate.
Barring that, grandparents could inherit. Aunts and uncles of the deceased have rights when there are no surviving grandparents. If there are no family members at all, then the property in the estate may eventually pass to the state itself. For many people, intestate succession laws do not truly reflect their wishes or personal circumstances.
Taking the time to create a thorough estate plan gives an individual control over their legacy and a better opportunity to provide key forms of support for their loved ones. Adults who know how the state handles estates without wills may use that as motivation to draft an estate plan.