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Legislation updating Tennessee trust law advances to Commerce; raises small‑trust payout threshold
Summary
HB 2454 updates trust administration rules, clarifies recognition of out‑of‑state wills and directed‑trust provisions, and raises the threshold for mandatory trust termination requests from $100,000 to $250,000; advanced to Commerce 6–0.
Representative Garrett presented HB 2454 as the latest in a recurring set of trust‑law updates supported by the Tennessee Bankers Association. He said the bill clarifies recognition of out‑of‑state wills in probate, streamlines administration of charitable trusts, strengthens protections for trustees and beneficiaries in directed trusts, and raises the threshold for beneficiaries to request trust termination from $100,000 to $250,000 to reflect inflation and administrative costs.
Committee members expressed support; the clerk recorded six ayes and zero noes, advancing the measure to Commerce.
