TN HB1013

Amends Tennessee Code Annotated Section 56-7-203 to clarify that life insurance and annuity proceeds payable to a spouse, children, or dependent relatives are exempt from all creditor claims, including execution, attachment, seizure, and garnishment

Defines "for the benefit of" to explicitly include the designated beneficiary of an insurance policy or annuity, addressing interpretive disputes among Tennessee attorneys and courts

Specifies that the creditor exemption applies to obligations created after January 1, 1932, regardless of whether the policyholder retained the right to change beneficiaries

Adds new language stating that use of exempt funds does not change their classification from exempt to nonexempt

Effective date: July 1, 2025