Governor Signs SB0769

Today Governor Haslam signed SB0769, a bill that revises various provisions of the Tennessee Code relating to wills, trusts, and probate. The substantive provisions of the bill take effect July 1. Analysis of the bill may be found at the following links: 2017 Probate Omnibus Bill 2017 Probate Omnibus Bill: What’s Missing? Trust Funding & the Probate Omnibus Bill Memorandums of Personal Effects after SB0769 Tennessee’s Revised Slayer Statute Source: Tennessee Legislature Website Posted by Joel D. Roettger, JD, LLM, EPLS

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Tennessee’s Revised Slayer Statute

The new version of Tennessee’s Slayer Statute is much like the old version, only with 10 times more verbiage. Tennessee’s Slayer Statute is based on a simple principle: a killer cannot profit from the killer’s wrong. Thus, a killer forfeits the right to receive property from his victim by way of inheritance or otherwise.  The current version of the Slayer Statute expresses this idea relatively succinctly. In one paragraph and 122 words, it states: Any person who kills, or conspires with another to kill, or procures to be killed, any other person from whom the first named person would inherit the property, either real or personal, or any part of the property, belonging to the deceased person at the time of the […]

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Memorandums of Personal Effects after SB0769

A new statute taking effect on July 1 will finally cause memorandums of personal effects to be legally recognized, but the statute is not without drawbacks. A memorandum of personal effects is separate from, but related to, a client’s last will and testament. It allows the client to dispose of tangible personal property at death, but in a less formal manner. The client simply makes a list of items and the persons who should receive them. Because the list is not a part of the will, it does not need to be executed with the formalities of a will. Therefore the client can update the list as often as he wants without having to consult his attorney or execute a […]

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Trust Funding & the Probate Omnibus Bill

An unassuming provision in the probate omnibus bill may prove to be a trap for some unwary practitioners. SB 0769, the 2017 Probate Omnibus Bill, has been transmitted to the Governor for his signature. One of the more perplexing provisions of the incipient law is Section 13, which adds the following to the end of T.C.A. § 35-15-402, Requirements for Creation [of a Trust]:  (d)   A lifetime trust is valid as to any assets held by the trust to the extent the assets have been transferred to the trust. For purposes of this subsection (d): (1)   Assets capable of registration, such as real estate, stocks, bonds, bank and brokerage accounts, and the like, are transferred to the trust through the […]

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2017 Probate Omnibus Bill: What’s Missing?

The 2017 probate omnibus bill is notable not just for what it contains, but also for what it does not contain. The original version of the bill was HB 0567. It contained several sections that addressed the effect of divorce or annulment on an estate plan. Under current law, divorce/annulment, by itself and without any further action of the testator revokes any disposition or appointment of property made by the will to the former spouse, any provision conferring a general or special power of appointment on the former spouse, and any nomination of the former spouse as executor, trustee, conservator or guardian, unless the will expressly provides otherwise. Similarly, a decree of annulment, divorce, dissolution of marriage, or legal separation revokes […]

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2017 Probate Omnibus Bill

Every few years, the Tennessee legislature introduces an “omnibus” probate bill. These bills address a broad range of issues in the areas of wills, estates, and trusts. The most recent omnibus bill just cleared the Senate and House. A summary of the key provisions is as follows: Sections 3, 4, 5, 6, and 10 are simply housekeeping changes that amend the following statutes to reflect the repeal of the Tennessee inheritance tax on January 1, 2016: T.C.A. § 30-2-614(e) [pertaining to apportionment of death taxes] T.C.A. § 30-2-713(c) [agreements between personal representatives and beneficiaries or governmental authorities] T.C.A. § 30-4-103(5)(A) [small estates] T.C.A. § 30-4-104(d) [small estates] T.C.A. § 32-3-108(b) [interpretation of marital deduction language in a will] Sections 1, […]

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