What is the requirement for taking inventory of the decedent’s possessions and property in a Tennessee probate estate?

Tennessee law requires the personal representative (Executor, Executrix or Administrator of the estate) to make a complete and accurate inventory of the probate estate of a deceased within sixty days after being appointed the personal representative for the estate.  T.C.A. § 30-2-301(a) provides as follows:

(a) The personal representative, within sixty (60) days after entering on the administration of a testate or intestate estate, shall make a complete and accurate inventory of the probate estate of the deceased, and return the inventory to the clerk of the court exercising probate jurisdiction in the county of the estate, and verify it by the personal representative's oath before the clerk or before any person authorized by law to administer oaths in such cases whether within or without the borders of the state of Tennessee. When the will of the deceased excuses the requirement for making and filing an inventory of the estate, or when excused by all of the residuary distributees or legatees, no inventory shall be required of a solvent estate, unless demanded by any residuary distributee or legatee of the estate.

This inventory must be filed with the clerk of the court under oath.  However, under T.C.A. § 30-2-301, no inventory is required when the will of the deceased specifically excuses the requirement for the filing of an inventory for an estate (this is generally included in most wills that have been drafted over the last several years).  In the alternative, when all of the residuary distributees or legatees (commonly referred to as heirs) of an estate agree to a waiver of the inventory requirements, then the inventory requirement can be waived by the Court.  Otherwise, the inventory is an important component of the probate of an estate under Tennessee law and must be filed with the court within 60 days.