2010 Tennessee Code
Title 30 - Administration of Estates
Chapter 2 - Management, Settlement and Distribution
Part 7 - Distribution
30-2-713 - Satisfaction of pecuniary bequests, devises or transfers by distribution in kind Agreements with beneficiaries and governmental authorities.

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

(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 or Tennessee inheritance tax marital deduction as applicable to the estate, and the guardian or conservator of a surviving beneficiary or the personal representative of a deceased beneficiary shall be empowered to enter into such agreements for and on behalf of the beneficiary or deceased beneficiary.

[Acts 1965, ch. 284, §§ 1-3; T.C.A., § 30-1317; Acts 1984, ch. 579, § 1.]