Dying without a will, also known as dying intestate, creates legal and financial complications for your loved ones. In Tennessee, intestate succession laws dictate asset distribution, which may not align with your wishes. Understanding these risks helps you make informed decisions about estate planning.
State law determines asset distribution
Without a will, Tennessee law decides who inherits your property. Typically, assets go to your closest relatives, starting with a spouse and children. If you have neither, parents, siblings, or more distant relatives receive your assets. This process might exclude close friends or charities you want to support.
Delays and legal expenses increase
Probate takes longer and costs more when no will exists. The Court appoints an administrator to handle your estate, and disputes among heirs can further extend the process. Legal fees and court costs shrink the estate’s value, leaving less for your heirs.
Guardianship decisions for minor children
If you have minor children, the Court selects their guardian. Without a will naming a preferred guardian, the judge may choose someone you would not have picked. This situation can cause family disagreements and uncertainty about the children’s future.
Unintended beneficiaries may inherit
Intestate succession follows a strict order, which means unintended heirs could receive your estate. If no relatives exist, the state claims your assets.
Estate taxes and creditor claims
Without a clear estate plan, your estate faces higher taxes and greater vulnerability to creditor claims. An adequately structured will or trust lowers these financial burdens and ensures your assets reach the right beneficiaries.
Creating a will gives you control over your estate and reduces stress for your loved ones. Planning ahead ensures your wishes shape the outcome and prevents unnecessary complications.