Bill > SB1910

This bill makes several changes to Tennessee trust and estate law, including clarifying how wills can be admitted to probate if they meet the requirements of the state where they were signed, the testator's domicile, or specific Tennessee statutes. It also grants charitable organizations the same rights as qualified beneficiaries in certain trust situations, and allows the Attorney General to exercise these rights for charitable trusts. The bill refines the language around "nonjudicial settlement agreements," which are agreements made outside of court among beneficiaries, and increases the threshold for certain trust provisions from $100,000 to $250,000. Trustees are now permitted to pay certain expenses, like attorney's fees for defending their actions, directly from the trust estate, and beneficiaries must provide specific reasons for objecting to trust notices. Furthermore, the bill introduces protections for trustees, trust advisors, and trust protectors when managing closely held businesses, shielding them from liability for losses or failure to maximize returns as long as they act in good faith and in the best interest of the trust, and it allows for confidential trust information in court filings to be redacted or sealed without a prior court order under specific conditions, provided unredacted copies are shared with the court and beneficiaries. Finally, it updates definitions related to family-owned businesses for tax purposes and requests the Tennessee Code Commission to publish related official comments.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1910&ga=114