Bill > HB2454

This bill makes several changes to Tennessee trust and estate law, including clarifying how wills can be admitted to probate if signed in another state or under different legal standards, and granting charitable organizations the same rights as individual beneficiaries in certain trust situations, allowing the Attorney General and Reporter to also act on behalf of charitable trusts. It also modifies the process for nonjudicial settlement agreements, which are agreements among beneficiaries that can resolve trust matters outside of court, by replacing references to "agreement of the qualified beneficiaries" with "nonjudicial settlement agreement" in several sections. The bill increases the threshold for certain trust provisions from $100,000 to $250,000 and allows trustees to directly pay expenses, including legal fees, from the trust estate, though courts can still intervene. It also refines the requirements for beneficiary objections to trust notices, shortening the response time from ten to five business days and requiring objections to be specific. Furthermore, the bill provides 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 beneficiaries, and it allows for the modification or restatement of a trust instrument to create a new trust without requiring the retitling of assets. A significant provision allows for the redaction or sealing of confidential trust information in court filings, such as trust documents and beneficiary details, without a prior court order, provided unredacted copies are provided to the court and beneficiaries, and all parties consent, with a presumption that such matters involve private litigants and have a compelling interest in confidentiality. Finally, the bill updates the definition of "family-owned" for certain tax purposes and requests the Tennessee Code Commission to publish related official comment revisions.