What is the priority for paying debts for an estate in Tennessee?
A fellow caregiver asked...
What is the priority for paying debts for an estate in Tennessee?
Expert Answer
Steve Weisman hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations, including WABC in New York City and KRLA in Los Angeles. He is a practicing lawyer specializing in estate planning and is admitted to practice before the United States Supreme Court. He's a public speaker and commentator who has appeared on many radio and television shows throughout the country, and he's the legal editor of Talkers magazine, the preeminent trade publication of talk radio. His latest book is The Truth About Avoiding Scams.
The rules for the priority of payment of the debts of a decedent vary somewhat from state to state. However, generally, the order is as follows: First, the expenses of the administration of his estate; second, funeral and medical expenses from his last illness; third, an allowance for the decedent's family's immediate needs; fourth, government claims, such as for taxes; fifth, secured debts, such as a mortgage; sixth, the amount of any unpaid court judgments against the decedent; and finally, the rest of any debts of the decedent.