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Senate Judiciary hears bill to preserve tenancy-by-the-entirety protections when spouses place property in trusts
Summary
Senate Bill S.3 would allow spouses who place property they own as tenants by the entirety into certain trusts to retain creditor-protection and to avoid probate; testimony clarified the bill’s scope, eligibility conditions and limits, and committee members raised creditor and policy questions.
Legislative counsel and probate and trust section witnesses told the Senate Judiciary Committee on Feb. 7 that S.3 would preserve the creditor-protection feature of tenancy by the entirety when spouses transfer that property into a trust so long as both spouses remain current beneficiaries of the joint or respective trusts. "This is about a, transfer of a particular type of property into a trust," Eric of the Office of Legislative Council said, explaining that the proposal addresses the intersection of tenancy-by-the-entirety ownership and trust ownership.
Witnesses described the principal goal as preserving two estate-planning…
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