Bill > HB2454

This bill makes several changes to Tennessee's trust and estate laws, including clarifying how wills can be admitted to probate if signed in another state, granting charitable organizations the same rights as individual beneficiaries in certain trust situations, and allowing the Attorney General to act on behalf of charitable trusts. It also standardizes the term "nonjudicial settlement agreement" for resolving trust disputes, increases the threshold for certain trust distributions from $100,000 to $250,000, and permits trustees to directly pay expenses, including legal fees, from the trust estate, though courts can still intervene. The bill also refines the process for beneficiaries to object to trust notices, shortens the timeframe for certain objections, and clarifies a trustee's power to modify or restate a trust. Importantly, it provides protections for trustees, trust advisors, and trust protectors managing closely held businesses, shielding them from liability for losses as long as they act in good faith and in the best interest of the beneficiaries, and it allows for confidential trust information in court filings, such as trust documents and beneficiary details, to be redacted or sealed without a prior court order under specific conditions to protect privacy. Finally, it revises the definition of "family-owned" 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?BillNumber=HB2454&ga=114