TN HB2454

Expands recognition of out-of-state wills by allowing probate in Tennessee if the will could be admitted in the state where signed or under the testator's domicile law at execution

Increases the threshold for small trust termination from $100,000 to $250,000 and standardizes terminology by replacing "agreement of the qualified beneficiaries" with "nonjudicial settlement agreement" throughout trust code provisions

Establishes liability protections for trustees, trust advisors, and trust protectors managing closely held businesses, shielding them from liability for losses when acting in good faith and with appropriate care

Allows confidential trust information in court filings to be redacted or filed under seal without prior court order when matters involve only trustees and beneficiaries, with a presumption favoring confidentiality for private trust litigation

Modifies the "family-owned" business definition for tax purposes to require 95% ownership by relatives (first cousins or closer), their trusts, or estates, and takes effect July 1, 2026