(a) As used in this section, “beneficiary designation” means an instrument, other than an instrument creating a trust, naming the beneficiary of:

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Terms Used In Tennessee Code 31-7-112

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Decedent: A deceased person.
  • Disclaimed interest: means the interest that would have passed to the disclaimant had the disclaimer not been made. See Tennessee Code 31-7-102
  • Disclaimer: means the refusal to accept an interest in or power over property. See Tennessee Code 31-7-102
  • Fiduciary: means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person. See Tennessee Code 31-7-102
  • Fiduciary: A trustee, executor, or administrator.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Intestate: Dying without leaving a will.
  • Jointly held property: means property held in the name of two (2) or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property. See Tennessee Code 31-7-102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: means an individual. See Tennessee Code 31-7-102
  • Personal representative: includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status. See Tennessee Code 31-1-101
  • Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Tennessee Code 31-1-101
  • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Trust: means :
    (A) An express trust, charitable or noncharitable, with additions thereto, whenever and however created. See Tennessee Code 31-7-102
  • Trustee: A person or institution holding and administering property in trust.
(1) An annuity or insurance policy;
(2) An account with a designation for payment on death;
(3) A security registered in beneficiary form;
(4) A pension, profit-sharing, retirement, or other employment-related benefit plan; or
(5) Any other nonprobate transfer at death.
(b) Subject to subdivision (c)(1), delivery of a disclaimer may be affected by personal delivery, first-class mail, or any other method likely to result in its receipt.
(c) In the case of an interest created under the law of intestate succession or an interest created by will, other than an interest in a testamentary trust:

(1) A disclaimer must be delivered to the personal representative of the decedent‘s estate; or
(2) If no personal representative is then serving, the disclaimer must be filed with a court having jurisdiction to appoint the personal representative.
(d) In the case of an interest in a testamentary trust:

(1) A disclaimer must be delivered to the trustee then serving;
(2) If no trustee is then serving, the disclaimer must be delivered to the personal representative of the decedent’s estate; or
(3) If no trustee is then serving and no personal representative is then serving, the disclaimer must be filed with a court having jurisdiction to enforce the trust.
(e) In the case of an interest in an inter vivos trust:

(1) A disclaimer must be delivered to the trustee then serving;
(2) If no trustee is then serving, the disclaimer must be filed with a court having jurisdiction to enforce the trust; or
(3) If the disclaimer is made before the time the instrument creating the trust becomes irrevocable, the disclaimer must be delivered to the settlor of a revocable trust or the transferor of the interest.
(f) In the case of an interest created by a beneficiary designation that is disclaimed before the designation becomes irrevocable, the disclaimer must be delivered to the person making the beneficiary designation.
(g) In the case of an interest created by a beneficiary designation which is disclaimed after the designation becomes irrevocable:

(1) The disclaimer of an interest in personal property must be delivered to the person obligated to distribute the interest; and
(2) The disclaimer of an interest in real property must be recorded in the office of the county register’s office of the county where the real property that is the subject of the disclaimer is located.
(h) In the case of a disclaimer by a surviving holder of jointly held property, the disclaimer must be delivered to the person to whom the disclaimed interest passes.
(i) In the case of a disclaimer by an object or taker in default of exercise of a power of appointment at any time after the power was created, the disclaimer must be delivered to:

(1) The holder of the power; and
(2) The fiduciary acting under the instrument that created the power; provided, however, if no fiduciary is then serving, the disclaimer must be filed with a court having authority to appoint the fiduciary.
(j) In the case of a disclaimer by an appointee of a nonfiduciary power of appointment, the disclaimer must be delivered to:

(1) The holder or personal representative of the holder’s estate; and
(2) The fiduciary under the instrument that created the power; provided, however, that if no fiduciary is then serving, the disclaimer must be filed with a court having authority to appoint the fiduciary.
(k) In the case of a disclaimer by a fiduciary of a power over a trust or estate, the disclaimer must be delivered as provided in subsection (c), (d), or (e), as if the power disclaimed were an interest in property.
(l) In the case of a disclaimer of a power by an agent, the disclaimer must be delivered to the principal or the principal’s representative.
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