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Analysis: T.C.A.
§ 30-2-101 provides that a surviving spouse of a person who died without a
will (intestate
decedent) or a surviving spouse who elects
against their spouse’s will (this is called an elective share under T.C.A.
§ 31-4-101) is entitled to receive certain exempt property from the
estate. Specifically, the surviving spouse
can receive exempt property having a fair market value that does not exceed
$50,000.00 as stated in T.C.A.
§ 30-2-101 as follows:
(a) The surviving
spouse of an intestate decedent, or a spouse who elects against a decedent's
will, is entitled to receive from the decedent's estate the following exempt
property having a fair-market value (in excess of any indebtedness and other
amounts secured by any security interests in the property) that does not exceed
fifty thousand dollars ($50,000):
(1) Tangible
personal property normally located in, or used in or about, the principal
residence of the decedent and not used primarily in a trade or business or for
investment purposes, and
(2) A motor
vehicle or vehicles not used primarily in a trade or business. If there is no
surviving spouse, the decedent's unmarried minor children are entitled as
tenants in common only to exempt property as described in subdivision (a)(1).
Rights to this exempt property are in addition to any benefit or share passing
to the surviving spouse or unmarried minor children by intestate succession,
elective share, homestead or year's support allowance.
This exempt property is in addition to
other benefits (including the elective share, homestead or year’s support allowance)
the surviving spouse or minor child would receive as specifically stated in
subsection (a)(2). If there is no
surviving spouse then unmarried minor children are entitled to own the exempt
property as tenants in common with each other. Keep in mind that exempt property doe...
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