Tennessee Probate | Inheritance Advances in Tennessee
Tennessee Probate Process
Probate is a critical court process that verifies wills or determines estate representatives after a person passes. How probate works and when it’s necessary varies widely between states. In Tennessee, probate laws require court supervision for estates worth over $50,000 and those that include real estate.
During probate, the court appoints an executor to manage the estate and validate existing wills as an estate representative. The representative gathers and itemized assets and accounts. The representative also uses the estate’s assets and account funds to pay off all outstanding debts before distributing money to beneficiaries.
The court will authorize the distribution of the inheritance funds to the rightful heirs after the completion of all necessary steps. Heirs are unable to collect funds until after the probate process.
How Long Does Probate Take in Tennessee?
The probate process can begin any time after a person’s death — Tennessee does not penalize heirs who wait to start the process. The key problem with Tennessee’s probate process is that it takes an extremely long time from start to finish. On par with the national average, probate takes a full year and a half to finally distribute the inheritance money to the heirs. Delays in the legal proceedings can cause the process to take even longer, with some estates taking three years or more to settle before heirs can receive their inheritances.
While probate is in process, heirs are not able to access the money their loved ones wanted them to have. Having a rightful inheritance blocked for years by a legal process can prove very frustrating, so many heirs look for alternative ways to receive their inheritances without the probate process.
What Happens If There Is No Will?
The estate of a person who dies intestate, meaning they have no valid will when they die, will pass to their listed beneficiaries. In lieu of listed beneficiaries, equal shares of the estate will pass to the person’s children and spouse, but the spouse will collect at least 1/3 of the estate. Grandchildren will receive the inheritance if their parents have died. If the deceased person does not have children or a surviving spouse, the estate will pass to the next person succession, according to the following priority:
- The next closest relative
How to Avoid the Probate Process In Tennesse
The first way to avoid probate is by having a plan for one’s estate when they pass. Putting an estate into a living trust with listed beneficiaries will bypass probate. Other accounts exempt from probate include bank, investment and retirement accounts.
Another way to avoid probate is by requesting either a cash advance or a probate loan.
Access Your Inheritance In Tennessee Immediately
With an inheritance advance from IFC, you can access the money your loved one meant for you to have right away. We offer the fastest, easiest way to bypass probate and claim as much of your inheritance as you want immediately. We’ll provide a cash advance in exchange for your inheritance, meaning we’ll spend the time waiting around for probate to finish so you don’t have to. The money is yours to use however you’d like.
You can learn more about the inheritance process on our FAQ page, where our experts chime in about some of the most common questions we hear from heirs just like you. You can also contact us directly if you have a question not listed here. Our friendly team will be happy to help you consider your options for navigating the probate process in Tennessee.
Request a Cash Advance From IFC
If you need a probate loan in Tennessee, call us today to see how our probate cash advances can help you access your money the same day you apply.
IFC has the resources and probate expertise to help you immediately. We’ve provided hundreds of millions of dollars in advances since our start in 1992. To get started with IFC, request a free zero-obligation consultation with our staff.
We’re more than happy to walk you through the Tennessee probate process and answer all of your questions. There are no hidden fees, no monthly payments, and credit and income are never an issue. There’s no need to wait years for what’s yours — submit this page’s contact form so you can access your money right away.