Revocable Trusts in Tennessee

The revocable trust has become in Tennessee, as in many jurisdictions, the functional equivalent to a will in estate planning. It is, in effect, a will substitute with its primary goal as one of determining the persons to receive the trust property upon the trustor's death.

The rules for interpreting the disposition of one's property, then, are virtually the same, if not absolutely the same, as whether the person has chosen a will or a living (revocable) trust as that person's primary estate planning instrument.

Tennessee law (TCA 35-15-601) provides that the capacity required to form a trust is the same as that required to create a will and that a living trust is for the most part, the equivalent of the will.

Also, trusts are more flexible than wills and allow for the mention and reference to wills, codicils, and life insurance policies as part of its custody and control. Of course, the most obvious benefit is the ease by which it may be revoked or amended, as compared to the more formal requirements of the last will and testament.