What are the Types of Estate Administration?
There are several types of estate administration each with some key distinctions:
- Full Probate/Estate Administration is a type of estate administration that takes around 9-12 months, and requires the filing of a petition. This type of estate administration requires a creditor claim waiting period of 4 months.
- Small Estate Petitions are a type of estate administration that is used for accumulated asset value of $50,000 or less, and cannot include real property.
- Muniment of Title (TN Code § 32-2-111) is a type of estate administration that is usually used for real estate.
- Affidavit of Heirship is a simple way to transfer ownership of real property on paper.