How Tennessee’s Estate Law Affects Married Couples and Inheritance

Tennessee's estate law plays a significant role in determining how assets are distributed after a person’s death, particularly for married couples. Understanding these laws can help couples plan effectively for the future, ensuring that their wishes regarding inheritance are honored.

In Tennessee, the law recognizes certain rights of married individuals that can impact how estates are handled. One key component is the concept of "dower" and "curtesy," which grants a surviving spouse specific legal rights to the deceased spouse's property. This means that regardless of what is stated in a will, a surviving spouse may have rights to a portion of the marital estate.

Under Tennessee law, if a person dies without a will (intestate), the estate will be distributed according to the state’s intestacy laws. For married couples, this often means that the surviving spouse is entitled to a significant portion of the deceased spouse's assets. If there are children involved, the surviving spouse generally inherits a one-half interest in the estate, while the children receive the other half. In cases where the deceased had children from a previous relationship, the surviving spouse may receive one third of the estate, demonstrating how the state's laws protect the rights of the remaining spouse.

Couples can also choose to create a will or a revocable living trust to specify their wishes clearly. By having a will in place, married couples can designate exactly how they want their assets divided. This can help avoid potential disputes among family members and provide clarity regarding the inheritance process.

Another important aspect is the elective share law, which allows a surviving spouse to claim a portion of the deceased spouse's estate, regardless of what the will states. In Tennessee, the elective share is typically one-third of the estate if there are children involved, or one-half if there are no surviving children. This law is crucial for couples to understand, as it ensures that a spouse cannot be completely disinherited.

Tennessee also follows the principle of community property, which recognizes that most assets acquired during the marriage are jointly owned by both spouses. Thus, in the event of a divorce or death, these assets will typically be divided equally, reinforcing the financial rights of both partners in a marriage.

It’s essential for married couples in Tennessee to discuss their estate planning strategies openly. Consulting with an estate planning attorney can provide valuable insights into how to best structure their estate to comply with Tennessee laws while meeting their personal wishes. This proactive approach can mitigate the risk of confusion or conflict among loved ones after one spouse passes away.

Understanding Tennessee’s estate laws can significantly affect married couples in their financial planning and inheritance strategies. By being informed about their rights and the implications of state laws, couples can better navigate their estate planning journey, ensuring financial security for themselves and their families.