What is the Limit of a “Small estate”?
The Tennessee Small Estates Act is found in Tennessee Code Annotated § 30-4-101 et seq. Under this statute, “small estate” is defined to mean an estate in which the value of the property does not exceed $50,000. Additionally, as defined in the statute, “property” is limited to personal property owned by the decedent on the date of death, other than personal property held as tenants by the entirety or jointly with the right of survivorship and/or personal property payable to a beneficiary other than the decedent’s estate (e.g. life insurance payable to a designated beneficiary and/or payable on death bank accounts). Please be advised that real property (e.g. a decedent’s residence or other real estate) is not included in the statute’s definition of “property.”
Benefits of the Tennessee Small Estates Act