explain required accounting of nonprobated estate in Tennessee by executor

[snowyegret]

In Tennessee, is the executor/child/caretaker in final years, required to give more of an accounting of a nonprobated estate to beneficiaries than a simple report of a balance, deduction of end of life expenses and division of that amount as sent to beneficiaries? No other information is given as to contents of safety deposit box, types of financial instruments cashed etc. or major purchases by executor for executor with some estate funds while deceased was living. (approved by deceased while living it is said.)

 

[advisor10]

1-25-2002

DEAR SNOWY:

I apologize for getting my postings mixed up: actually, this answer is a response to your OTHER posting.

There is no such thing as a "joint" will--if there is, it's improper.
Each party needs to have a separate will, signed only by that individual.

Did you possibly mean reciprocal will?

A living person has the right to keep their own will private, if that is their wish. However, it would be smarter to let the family know where the will is kept and let them actually read it before the death occurs, so they will know what to expect and how to plan to make sure the decedent's wishes are carried out.

However, the deceased person's will is public record--you can view that by going to the county courthouse.

Send me an e-mail message to the address shown below, and I would like to pass on a confidential suggestion about your situation.

SINCERELY,

advisor (e-mail: [email protected])

 

[advisor10]

1-25-2002

DEAR SNOWY EGRET:

THIS IS THE CORRECT RESPONSE TO YOUR ORIGINAL QUESTIONS.

Was there a will?
Why was the estate not probated?

The items you describe normally should be mentioned and reported as probate assets, unless there are extenuating circumstances, such as if there was a second party who was named as a direct beneficiary whom ownership could pass to without having to go through probate.

Did this executor possibly have a signed power of attorney form given by the decedent while still living? If they did, then any monies obtained while the decedent was still living could be spent in any way without having to be accounted for. However, the power of attorney expires on the day of death of the decedent, so any monies spent after the death would have to be reported through probate. However, the executor may be legally vulnerable if they never received letters testamentary from the probate court (official papers authorizing the executor to have the authority to claim and handle all assets).

Find out from your local probate court if it is a requirement in your area that executors of estates have to post an executors bond.

SINCERELY,

advisor