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?
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:
Probate… Ugh! Am I right? When discussing probate with clients, I sometimes feel like I’m talking about Memphis to someone back home (I’m from Knoxville). It’s not that bad! I go there on purpose! I like it there! You shouldn’t be afraid of it!
Why Avoid Probate? Although probate is not as bad as you probably think it is, there are still some very good reasons to avoid it:
- Unnecessary Cost. Why pay unnecessarily to accomplish your wishes?
- No Privacy. Your nosey neighbors will know you cut out one of the kids.
- Delays. It simply takes longer to get your stuff to your family.
How to Avoid Probate? So, how do you avoid probate? Methods include: Continue reading How would you like to avoid probate?
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.