Probate and Trust Bill Headed for Haslam’s Desk

Update: Read Public Chapter No. 290 here.

SA0426 which revises a number of areas of the Wills, Trusts and Probate statutes has cleared the Tennessee Senate and is headed to the Governor’s desk.  This bill updates law in the following areas:

  • The Slayer Statute;
  • Claims against estates by the Personal Representative;
  • Agreements by fiduciaries and beneficiaries in satisfying pecuniary bequests;
  • Bonds in small estates;
  •  Disclaimers;
  • Inheritance rights in adoptions;
  • Incorporation by Reference in a Will of a separate list of tangible personal property;
  • Requirements to validly transfer assets to a Revocable Trust; and
  • Trust Statue of Limitations.

A provision which would have reversed the presumption regarding beneficiary designations upon divorce appears to have been removed from the original house bill: HB0567.  That is, this section (had it passed) would have revoked many beneficiary designations (but not all) in favor of an ex-spouse where they were not changed after the marriage ended.

Stay tuned.

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