Bill > SB1935

This bill expands the definition of who can benefit from a homestead exemption, which is a legal protection that prevents a person's primary residence from being sold to satisfy certain debts. Specifically, it amends Tennessee law to ensure that upon the death of the head of a household, the homestead exemption can extend to a surviving spouse, a minor child, or a child who is eighteen years or older and has a developmental disability or intellectual disability, as long as they continue to use the property as their main home. The bill also clarifies that "developmental disability" and "intellectual disability" are defined by existing state law, and it outlines how the homestead exemption, valued at $35,000, can be applied if the property cannot be divided, either by investing the proceeds in new real estate, providing cash or other property, or depositing the funds into a special savings account for the child's future needs, such as those related to the Achieving a Better Life Experience (ABLE) program.