Do you know what will happen to your assets when you pass on?
If you die without a will in Tennessee, intestate succession laws will affect the assets that would have passed through your will. However, not all assets are controlled by your will. Certain assets pass to the surviving co-owner or named beneficiary. For example, real estate titles control their ownership. Some assets, such as individually owned assets, could still be inherited under intestate succession laws if you do not have a will.
Under intestate succession in Tennessee, who receives your inheritance depends on whether you have a spouse, children, parents or other close relatives when you die.
When you die, if you are survived by:
a spouse but no descendants → spouse inherits everything
children and no spouse → children inherit everything
a spouse and descendants → spouse and children equally share but spouse’s share is not less than 1/3
parents but no spouse or descendants → parents inherit everything
siblings but no spouse or descendants → siblings inherit everything
If you die without a will and are survived by your spouse, what your spouse receives depends on whether or not you have living descendants (children, grandchildren or great grandchildren). If you don’t have living descendants, then your spouse would inherit all of your property. If you do have living descendants, your spouse will share your property equally with the descendants, but the spouse cannot receive a share less than 1/3.
If you die without a will and are survived by your children, the size of each child’s share depends on how many children you have and whether or not you are married.
Preparing a will is a critical step to assuring that your wishes are carried out after your death.
If you are ready to create your will, contact us today. We are happy to help you with this important process.