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)
While your child with special needs is under eighteen, there is no question that you, the parent, are the decision maker. Upon attaining the age of eighteen, your child becomes an adult in the eyes of the law and is presumed to be able to handle their own affairs. This presents a problem for parents of children with special needs. Once your child attains eighteen, you are no longer legally eligible to make decisions for your now adult child. Continue reading What happens when your child with special needs turns 18?
Update: According to the Commercial Appeal, a court is contemplating removing Sherra Wright as Trustee of the Insurance Proceeds Trust (the article does not relate which, but I expect that it is the Circuit Court). Click here to read more.
In an opinion dated March 27, 2014, the Tennessee Court of Appeals ruled that a Probate Court Judge exceeded his authority when he appointed an attorney (known as a Guardian ad litem) to investigate how Sherra Wright spent the nearly $1 million dollars that she was in charge of for the benefit of Lorenzen Wright’s children.
This particular proceeding was the latest in a series of cases involving the children and their inheritance from their father, Lorenzen Wright.
In this proceeding, Sherra Wright (the mother of Lorenzen Wright’s children) and Herbert Wright (Lorenzen Wright’s father, and the grandfather of the children) fought Continue reading Wrong Ruling in Lorenzen Wright Case? Appeals Court Rules that Lower Court had no Authority to Investigate Ex-Wife’s $1 Million Apparent Misappropriation
If you have a child or are expecting your first, its time to pony up and get a Will. This is your responsibility as a parent.
Personal Guardian. If something happens to you, you can name a guardian for your child in a Will. A guardian is the individual who makes decisions for your child such as what school and church to attend, who cares for the child, where the child lives. Typically the personal guardian raises your child in your absence. If you do not have a Will or fail to name a personal guardian in your Will, then a Court has no guidance as to who it should be. It is not hard to imagine that the choice a court might would make you roll over in your grave. Why leave it to chance?
Financial Guardian. If your child is under 18, then the child is legally unable to manage their own property. If the child inherits something, then the child must have a financial guardian appointed by a court to manage their inheritance. The financial guardian has to ask the Court’s permission to access trust property and must have an attorney. In other words, it is expensive and avoidable.
Continue reading Having a Baby? You need a Will.