Tennessee § 30-2-713 Satisfaction of pecuniary bequests, devises or transfers by distribution in kind - Agreements with beneficiaries and governmental authorities

Tennessee Statutes

§ 30-2-713 — Satisfaction of pecuniary bequests, devises or transfers by distribution in kind - Agreements with beneficiaries and governmental authorities

Tennessee § 30-2-713

Title30

This text of Tennessee § 30-2-713 (Satisfaction of pecuniary bequests, devises or transfers by distribution in kind - Agreements with beneficiaries and governmental authorities) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 30-2-713 (2026).

Text

(a)Whenever an executor, administrator with will annexed or a trustee is empowered under the will or trust of a decedent to satisfy a pecuniary bequest, devise or transfer in trust, in kind with assets at their value for federal estate tax purposes, that fiduciary, in order to implement such a bequest, devise or transfer in trust, must, unless the governing instrument provides otherwise, distribute assets, including cash, fairly representative of appreciation or depreciation in the value of all property thus available for distribution in satisfaction of the pecuniary bequest, devise or transfer.

(b)This section is not intended to change the law presently applicable to fiduciaries in this state, but is a statement of the fiduciary principles applicable to fiduciaries and is declaratory of

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Whenever an executor, administrator with will annexed or a trustee is empowered under the will or trust of a decedent to satisfy a pecuniary bequest, devise or transfer in trust, in kind with assets at their value for federal estate tax purposes, that fiduciary, in order to implement such a bequest, devise or transfer in trust, must, unless the governing instrument provides otherwise, distribute assets, including cash, fairly representative of appreciation or depreciation in the value of all property thus available for distribution in satisfaction of the pecuniary bequest, devise or transfer. (b) This section is not intended to change the law presently applicable to fiduciaries in this state, but is a statement of the fiduciary principles applicable to fiduciaries and is declaratory of the present law of this state. (c) The personal representative of an estate and trustees are authorized to enter into agreements with beneficiaries and with governmental authorities, agreeing to make distribution in accordance with this section for any purpose that they deem to be in the best interests of the estate, including the purpose of protecting and preserving the federal estate tax marital deduction for a decedent without regard to the decedent's date of death, or the state inheritance tax marital deduction for a decedent dying before January 1, 2016, as applicable to the estate. The guardian or conservator of a surviving beneficiary or the personal representative of a deceased beneficiary is empowered to enter into agreements pursuant to this subsection (c) for and on behalf of the beneficiary or deceased beneficiary.