Guardianship - Property Management Plan

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Guardianship - Property Management Plan is a commonly used form within Tennessee. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Guardianship - Property Management Plan

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Guardianship - Property Management Plan:

• This form pertains to the State of Tennessee

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Tennessee’s Form Guardianship - Property Management Plan up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Tennessee form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Tennessee probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form Guardianship - Property Management Plan, take a break, and then review. Probate and estate settlement processes in TN are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form Guardianship - Property Management Plan online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Guardianship - Property Management Plan to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

Need help getting in touch with a local probate court or identifying a domicile probate jurisdiction?

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Tennessee.

5 reasons you should submit this form as quickly as possible:

1. The sooner you begin, the faster Tennessee can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Tennessee. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Tennessee is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Tennessee probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Tennessee probate clerk or court for exact answers regarding Form Guardianship - Property Management Plan, and when in doubt— consult a qualified trust & estates lawyer for that area.

Guardianship - Property Management Plan is one of the many probate court forms available for download through Atticus.

It may also be available through some Tennessee probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Tennessee.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form Guardianship - Property Management Plan f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Tennessee probate court office.

Guardianship - Property Management Plan is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Tennessee-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Tennessee Form Guardianship - Property Management Plan. You can use this to get an idea of the context of the form and what type of information is needed.

Property Management Plan Page 1 of 7 Revised 8/1/19 In the Circuit Court of Davidson County, Tennessee (Probate Division) IN RE: DOCKET NO: Respondent REVISED (check if modifying a previously approved Property Management Plan) CONSERVATORSHIP / GUARDIANSHIP PROPERTY MANAGEMENT PLAN This Plan must be amended when circumstances warrant. The Fiduciary shall review the Plan annually when Accountings are due for filing, make the necessary amendments, and submit a PMP Certification with the Accounting (attach additional pages where indicated when specific details must be addressed). I, , Fiduciary for the above-referenced Respondent, submit this Property Management Plan (PMP) for Court approval: 1. Depository Accounts. PRIMARY CHECKING ACCOUNT (it is suggested that you operate from only 1 account): (Bank) (Last 4 digits of account #) List all depository accounts (money markets, savings, CD’s, accounts, etc.): 2. Investment/Brokerage Accounts. List all brokerage or investment accounts (could also include annuities, stocks, bonds, retirement accounts, IRA’s, etc): Property Management Plan Page 2 of 7 Revised 8/1/19 All changes from one type of investment to another investment type (i.e. changing a CD to a mutual fund) require Court approval; an Amended PMP must be filed once any changes are allowed. Check if you are financial institution serving as Fiduciary, as you are not required to seek Court approval, per T.C.A. §34-1-115(d). 3. Life Insurance Policies. List any life insurance policies for which the Ward is the policy owner, the insured, and/or the beneficiary, along with the company name, benefit amount, policy type, policy number, current cash surrender value, (or attach a copy of the policy(s) declaration page): 4. Income and Expenses. The current monthly income sources of the Ward are as follows: $ from social security. $ from pension/retirement. $ from investment accounts. $ from rental properties. $ from trust income. $ from . $ from . $ TOTAL INCOME The current monthly expenses of the Ward are as follows: $ for allowance (cash/personal spending). $ for burial/pre-need policy (existing policies only). $ for caregiver services/home health care. $ for cable/internet/phone services. $ for clothing needs. $ for conservator travel reimbursement.** $ for credit card payments.** $ for food/groceries. $ for home (maintenance/services/supplies). $ for housing (mortgage/rent/care facility). Property Management Plan Page 3 of 7 Revised 8/1/19 $ for insurance premiums (medical/life/property). $ for loans owed by Ward. $ for medical expenses (dental/optometry/physical therapy). $ for pet/animal expenses. $ for prescriptions/medical supplies. $ for professional services* (accountant, etc.). $ for taxes (property, income, etc.). $ for transportation services. $ for tuition/school supplies/fees. $ for utilities (electric/gas/water). $ for vacation expenses. $ for vehicle expenses (maintenance/gas/tags). $ for vehicle insurance. $ for vehicle payments. $ for . $ for . $ TOTAL EXPENSES * NOTE: All attorney fees, income tax preparation fees, investment management fees and Court accounting payments must be Court-approved. ** Conservator travel reimbursement receipts and credit card statements must be included in the Annual Accounting. 5. Personal Spending Account (PSA). This PSA is considered a depository account and may be used for periodic minimal debit card purchases by the Ward. Complete bank statements (including payees) must be provided with the Accounting; however, an Accounting Register is not required. Is the Ward allowed to have a Court-approved PSA? YES NO. If yes, enter the date the Order was signed allowing for the PSA: . $ per month shall be transferred from the primary general operating account and deposited into a separate account at Bank using Account # (last 4 digits of Account #). 6. Real Property. List the address(es) of all real property in which the Ward may have an interest and state how the property is currently held. For example: fee simple, life estate, tenants-by-entirety (if Property Management Plan Page 4 of 7 Revised 8/1/19 with a spouse), tenants-in-common (if with other individuals), or as jointly-held property. State “None” if there is no real property: Do you expect to sell or encumber any of the Ward’s real property during the period of time this PMP is in effect? YES NO. If yes, you must first seek Court approval to sell real property and then file an Amended PMP after the sale takes place. File the HUD Settlement Statement with the Clerk’s Office after the closing. If any of the real property is being rented or occupied, provide specific details: 7. Personal Property. What is the status of the Ward’s personal property (any personal property described in the original Inventory): Pursuant to T.C.A. §34-1-116, prior Court approval is not necessary for:  the sale of a motor vehicle; or  personal property with a fair market value of less than One Thousand and 00/100 Dollars ($1,000.00). Exception: If the personal property is being held for the benefit of the Respondent pursuant to the terms of a will, trust or other written document, Court approval is needed. Documentation of all sales will be required with filing of an annual accounting. List the model(s) and location(s) of any automotive vehicles owned by the Ward: (Model) (Location) (Model) (Location) (Model) (Location) Property Management Plan Page 5 of 7 Revised 8/1/19 8. Trust Information (if any). Provide specific details as to any trust benefits the Ward may be receiving or may be entitled to, including the name of the Trustee, the current value of trust assets, and the purpose (i.e., special needs, educational, supplemental income, etc.) of the trust, as a beneficiary or otherwise: 9. Burial and Pre-Need Plan (if any). Provide specific details as to any burial or pre-need funeral plan in which the Ward has an interest, including the company name and funeral home where the arrangements are on file: 10. Revisions From Last PMP. Detail any revisions/changes from the last Property Management Plan (i.e., opening/closing new accounts; increases/decreases in expenses, changes in investments, etc.): Property Management Plan Page 6 of 7 Revised 8/1/19 11. Oath. I, , Fiduciary for this Respondent, make Oath that the information provided herein is true and correct to the best of my knowledge and belief. Respectfully submitted, this day of , 20 . Fiduciary Sworn to and subscribed before me, this day of , 20 . Notary Public / Deputy Clerk Commission expires: 12. Approval. This Property Management Plan is approved this day of , 20 . Judge / Probate Master APPROVED FOR ENTRY: (Attorney) Property Management Plan Page 7 of 7 Revised 8/1/19 CERTIFICATE OF SERVICE [YOU MUST MAIL A COPY OF THIS ENTIRE DOCUMENT TO ALL INTERESTED PARTIES AND COMPLETE THIS CERTIFICATE VERIFYING THE DATE MAILED AND PARTIES IT WAS MAILED TO.] I hereby certify that a true and exact copy of the foregoing Property Management Plan has been served by U.S. Mail, postage prepaid, upon the interested parties listed below. (SIGNATURE) DATE: Respondent NAME: ADDRESS: Interested Party & Relationship NAME: ADDRESS: Interested Party & Relationship NAME: ADDRESS: Interested Party & Relationship NAME: ADDRESS: Interested Party & Relationship NAME: ADDRESS: Interested Party & Relationship NAME: ADDRESS: Interested Party & Relationship NAME: ADDRESS: [ADD ADDITIONAL PAGE(S) FOR LISTING OF INTERESTED PARTIES, IF NECESSARY]