Is an inventory always required in a Tennessee estate?
No. Under Tenn. Code Ann. 30-2-301 the personal representative files a complete inventory within 60 days of entering on the administration, but no inventory is required of a solvent estate when the will excuses it or all residuary distributees or legatees excuse it, unless a residuary distributee or legatee demands one. Estates still commission appraisals when assets are contested, federally taxable, or simply hard to divide fairly.
What happens if a Tennessee business does not return its personal property schedule?
The assessor imposes a forced assessment. Under Tenn. Code Ann. 67-5-903 the schedule is furnished by February 1 and due back by March 1; when it is not returned, the assessor sets a value from the available evidence of the fair market value of property assessable to the taxpayer and gives notice at least five days before the county board of equalization meets. An appraisal is the evidence that answers a forced assessment on appeal.
Does Tennessee license personal property appraisers?
No. The Tennessee Real Estate Appraiser Commission, created in 1990, regulates real estate appraisers, and there is no state license for appraisers of firearms, instruments, equipment, or business interests. Courts, insurers, and lenders look at the appraiser's credentials, with organizations such as ASA, ISA, and NACVA, and at whether the report follows USPAP.