Category Archives: Tennessee Law Update

New Tennessee Limited Partnership bill headed to Haslam’s desk

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.

Stay Tuned.

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:

This just in! Tennessee Tenancy by the Entirety Joint Revocable Trust

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

Why your 18 year old needs a power of attorney.

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.

Stay Tuned.

Rob Malin

Governor Signs Tenancy by the Entirety Joint Trust into Law

Update: Click here to read more about the law.

I wrote about this new law in a prior post (click here to read). Its official, the law has now been signed into law by Governor Haslam and will come into effect on July 1, 2014.

Click here to read the law: Public Chapter 829.

Stay Tuned.

Rob Malin

Tennessee Small Estate Affidavit Increased to $50,000

Signed into law by Governor Haslam on April 29, 2014, the small estate affidavit procedure will now cover substantially more small estates.

The Small Estate Affidavit is an abbreviated procedure in Tennessee that avoids the necessity of a formal probate administration in certain qualifying estates.  The affidavit is a “one and done” probate process—it can be handled in a single court filing and appearance.

The new law qualifies estates that are less than $50,000 for this less costly process.  Formerly, only estates with less than $25,000 qualified.

Click here to read the new law.  The relevant portion is on page 3 at Sections 8 and 9:

SECTION 8. Tennessee Code Annotated, Section 30-4-102(5), is amended by deleting the language “twenty-five thousand dollars ($25,000)” and substituting the language “fifty thousand dollars ($50,000)”.

SECTION 9. This act shall take effect on becoming law, the public welfare requiring it.

Stay tuned.

Rob Malin