(a) In the agreement establishing a community property trust, spouses may agree on:

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Terms Used In Tennessee Code 35-17-104

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Community property: means property owned by a community property trust during the marriage of the settlor spouses. See Tennessee Code 35-17-102
  • Community property trust: means an express trust that complies with §. See Tennessee Code 35-17-102
  • Dissolution: means either:
    (A) Termination of a marriage by a decree of dissolution, divorce, annulment or declaration of invalidity. See Tennessee Code 35-17-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Statute: A law passed by a legislature.
(1) The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located;
(2) The management and control of the property transferred to the trust;
(3) The disposition of the property transferred to the trust on dissolution, death, or the occurrence or nonoccurrence of another event;
(4) The choice of law governing the interpretation of the trust; and
(5) Any other matter that affects the property transferred to the trust and does not violate public policy or a statute imposing a criminal penalty.
(b)

(1) Either spouse may amend a community property trust regarding the disposition of that spouse’s one-half (1/2) share of the community property in the occurrence of such spouse’s death.
(2) Except as provided in subdivision (b)(1), a community property trust may not be amended or revoked unless the agreement itself provides for amendment or revocation.
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