Tennessee Community Property Trust Act

The Community Property Trust Act allows a married couple to have property treated as community property by placing it in a qualifying trust established under a written agreement between the spouses. It sets out what such a trust must contain to be valid, how the spouses may amend or revoke it, how the property is managed and controlled, how creditors' claims are satisfied, and what happens to the property when the marriage ends by death or dissolution. It also preserves obligations and protections that exist outside the trust, including a child's right to support and homestead rights, addresses how the arrangement interacts with federal tax law and with community property recognized in other jurisdictions, and identifies trusts that will not be enforced.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.