As a trust nerd, I love the Tennessee Uniform Trust Code. I like keep an up to date version of it as a desk reference for myself. I created it during law school for Judge Robert S. Benham at the Probate Court of Shelby County, Tennessee in 2010. I have kept it current ever since. The desk reference includes statutory commentary and is current through the most recent legislative session. I have also included my Tennessee trust and estate legislative update which includes comments on the 110th and 111th legislative sessions. The things I do for love. If you’d like to have a copy, CLICK HERE to download a .pdf.
HB0675/SB0542 (Re Trusts and Guardianships) enacted as pc0197
HB0676/SB0699 (Re Trusts and Disclaimers) enacted as pc0340
HB0190/SB0174 (Re Executor’s Oath) enacted as pc0332
What follows is my summary of the Tennessee trust and estate bills from the current legislative session and the laws from the previous legislative session as presented to the Trust and Estate section of the Memphis Bar Association on April 24, 2019.
The copies of the two most significant bills that have passed both houses with my annotations can be found here (my summary is below): SA0339 SB0542 Continue reading Tennessee Trust and Estate Law Legislative Update (April 2019)
On May 9, the Tennessee House passed the Senate’s bill to add a new chapter to Title 61 of the Tennessee Code governing limited partnerships. The bill as has passed both houses can be read here: SB0438. It is now headed to Governor Haslam’s desk for his signature. Once signed by the Governor, the act will take effect January 1, 2018.
Last week, Governor Haslam signed several new bills into law. I previously blogged about a bill which updated a number of areas of Trust and Probate law here which has been signed by the Governor.
Three other bills have been signed by the Governor which update several other areas of probate law. Two of these change the amount from $10,000 to $15,000 that may be paid out without probate by a credit union and bank, respectively.
The third act updates accounting procedures in Tennessee probate estates. My reading of third act is to eliminate a court’s discretion to require an accounting if the Will waives it. Instead, a status report detailing issues to be completed before the estate can be closed will be due within fifteen months from the opening of the estate. I also read a new TCA 30-2-601(b)(2) to allow the personal representative to be able to close an estate without an accounting even if all receipts have not been received. In such event, the personal representative would give notice to the beneficiary who has failed to give a receipt. If the beneficiary no-shows at the hearing to close the estate (or appears, but does not participate), the “[f]ailure of a non-compliant distributee to appear and or participate in the hearing shall result in a final order closing the estate.” [emphasis added].
There are also new statutory forms for the receipt and waiver.
A copy of the bill as signed by the Governor can be viewed here: Pub. Ch. 0280.
It should be noted that this bill updating probate accounting procedures became law as soon as it was signed by the Governor last week (as opposed to July 1 when most new laws become effective).
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:
Codified as Public Chapter 829 and signed by Governor Haslam into law on April 29, 2014, a new form of joint trust is available for transfers to trusts on or after July 1, 2014. Although the trust is not named by the statute, the trust substantially resembles the common law form of property known as tenancy by the entirety. Some practitioners have appropriately referred to this trust as the “marital asset protection trust.” I previously discussed this subject here and here, albeit briefly.
This statute has been codified as T.C.A. § 35-15-510.
Common law tenancy by the entirety. Before I get into the finer points of the TE Trust, a refresher on how tenancy by the entirety works in general (and its benefits) is appropriate. Continue reading This just in! Tennessee Tenancy by the Entirety Joint Revocable Trust
I covered this in an earlier post, but I was just speaking to a friend this morning about it and thought I would share it again. Click here to read why your adult child desperately needs to have a medical power of attorney.