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;
- 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.