Beneficiary’s Use of Estate Property Prior to Distribution

The Tennessee Code has a statute for that. Tennessee Code Section 35-15-110 contains a laundry list of powers that an executor possesses by default unless the will says otherwise. Among them is the following: … to permit any beneficiary or beneficiaries of the will to have the use, possession and enjoyment, without charge made for the use, possession and enjoyment, (and without the fiduciary thereby relinquishing control of the property), of any real property or tangible personal property of the estate which, upon completion of the administration of the estate, will be distributable to that beneficiary or beneficiaries… The executor may exercise this authority only to the extent that: The action will not adversely affect the rights and interests of […]

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When Your Executor/Trustee is Sentenced to Prison

What happens? Tennessee has a statute for that: The effect of a sentence of imprisonment in the penitentiary is to put an end to the right of the inmate to execute the office of executor, administrator or guardian, fiduciary or conservator, and operates as a removal from office. UPDATED TO ADD: The significance of this statute may not be immediately obvious. It creates a “particular civil disability that occurs upon the conviction and remains in effect throughout the defendant’s life unless restored by a specific statutory procedure.” State v. Johnson, 279 S.W.3d 522 (Tenn. 2002). Accordingly, the statute generally prohibits a person who has served time in prison from ever serving as an executor, administrator, guardian, conservator, or other fiduciary […]

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Selecting Your Executor

When a family member dies, the person selected as the executor of the estate is often one of the largest causes of family discord.

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For a Limited Time Only: IRS Grants Extension to Elect Portability

Executors who discovered too late that they should have made a portability election have gotten a reprieve. 

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Sales of Personal Property by Executors

How much leeway does an executor have when it comes to selling the personal property of an estate?

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