הטקסט המלא של מדריך זה באנגלית; התקציר שלמעלה בשפתכם. תקצירי החוקים והנוסח האנגלי נשארים המקור המחייב.
Duties · 7 דק' קריאה
Distributing before the claims and the contest window settle
After the death of the settlor of a trust that was revocable immediately before the death, Tenn. Code Ann. § 35-15-604(b) lets the trustee proceed to distribute under the trust's terms, and makes the trustee liable for a distribution only if, when it was made, the trustee had actual knowledge of a pending proceeding contesting the trust's validity, or a potential contestant had notified the trustee in writing and the proceeding was commenced within 60 days of that notice. The contest itself runs within two years after the death, or 120 days after the trustee sends a copy of the trust and the statutory notice, whichever is earlier ((a)).
The trust's property also answers for the settlor's debts, the estate's costs of administration and the funeral expenses, to the extent the probate estate is inadequate and the personal representative or a creditor has perfected its right to collect from the trust (Tenn. Code Ann. § 35-15-505(a)(6)). Claims against the estate are barred unless filed within the period the published notice to creditors prescribes (Tenn. Code Ann. § 30-2-307(a)(1)), and every claim not filed or sued on within twelve months after the death is forever barred (Tenn. Code Ann. § 30-2-310(a)). On termination the trustee distributes within a reasonable period, keeping a reasonable reserve for debts, expenses, attorney fees and taxes (Tenn. Code Ann. § 35-15-817(a)).
Mixing trust money with your own
A trustee keeps trust property separate from the trustee's own property, and causes it to be designated so that the trust's interest appears, to the extent feasible, in records kept by someone other than a trustee or beneficiary (Tenn. Code Ann. § 35-15-810(b), (c)). Paying a trust bill from a personal account, or holding trust money in one, blurs both lines. The statute lets the trustee deposit trust money in an account in a regulated financial-service institution (Tenn. Code Ann. § 35-15-816(b)(4)), which keeps the separation visible.
Missing the initial notice
Within 60 days after the acceptance and the funding of an irrevocable or nongrantor trust — nominal funding and the depositing of insurance policies on a living person's life excluded — the trustee notifies each current income beneficiary, each vested ultimate beneficiary of a remainder interest and each nonfiduciary holder of a power of appointment that the trust has been established, by first-class mail or personal delivery, with a complete copy of the trust or an abstract, at the trustee's choice (Tenn. Code Ann. § 35-15-813(b)). The duty is a default rule the terms or a written direction may change ((e)), and it does not reach a trust that became irrevocable before July 1, 2004 ((f)). Because the window runs from the later of the two facts, a trustee who records the acceptance date and the funding date can see when it closes.
Dealing with the trust for yourself
A trustee administers the trust solely in the beneficiaries' interests (Tenn. Code Ann. § 35-15-802(a)). A sale, encumbrance or other transaction for the trustee's own account, or one affected by a conflict between the trustee's fiduciary and personal interests, is voidable by an affected beneficiary unless the terms authorized it, the court approved it, the beneficiary did not sue within the time Tenn. Code Ann. § 35-15-1005 allows, the beneficiary consented, ratified or released, or it involves a contract entered into before the person became or contemplated becoming trustee ((b)). A transaction with the trustee's spouse, descendants, siblings, parents or their spouses, the trustee's agent or attorney, or an enterprise in which the trustee has an interest that might affect the trustee's judgment is presumed affected by a conflict ((c)).
Thin records, and a silent file
A trustee keeps adequate records of the administration (Tenn. Code Ann. § 35-15-810(a)) and keeps the current distributees reasonably informed, answering a qualified beneficiary's request for information related to the administration in a reasonable time (Tenn. Code Ann. § 35-15-813(a)). Records do double duty: information sent that adequately discloses facts indicating a potential claim starts the one-year period in which a beneficiary may bring a breach claim (Tenn. Code Ann. § 35-15-1005(a)). Where no such information was sent, the outer period is three years after the trustee's removal, resignation or death, the end of the beneficiary's interest, or the end of the trust ((c)).
Paying yourself, or the helpers, without a basis
Where the terms do not set the compensation and the settlor, if living, or otherwise a majority of the qualified beneficiaries have not agreed to it, the trustee is entitled to compensation that is reasonable under the circumstances (Tenn. Code Ann. § 35-15-708(a)); where the terms specify it, the trustee is compensated as specified, though the court may allow more or less ((b)). A trustee is reimbursed from the trust property for expenses properly incurred in the administration (Tenn. Code Ann. § 35-15-709). A record of the hours, the work and the reason for each payment is what lets a beneficiary — or a court — see the basis.
החוקים, מילה במילה
Limitation of action for breach of trust
Tenn. Code Ann. § 35-15-1005 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
Limitation on action contesting validity of revocable trust; distribution
Tenn. Code Ann. § 35-15-604 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
Compensation of trustees, trust advisors and trust protectors
Tenn. Code Ann. § 35-15-708 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
Duty of loyalty
Tenn. Code Ann. § 35-15-802 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
Recordkeeping and identification of trust property
Tenn. Code Ann. § 35-15-810 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
Duty to inform and report
Tenn. Code Ann. § 35-15-813 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
שאלות נפוצות
Can a Tennessee successor trustee be liable for distributing too early?
Tenn. Code Ann. § 35-15-604(b) lets the trustee distribute after the settlor's death and makes the trustee liable for a distribution only where, at the time, the trustee had actual knowledge of a pending contest, or a potential contestant had given written notice and a proceeding followed within 60 days. The estate's creditors and the reserve for debts, expenses and taxes (Tenn. Code Ann. § 35-15-505(a)(6); § 35-15-817(a)) are separate questions for a licensed Tennessee attorney.
Is paying a trust bill from my own account a problem?
The statute keeps trust property separate from the trustee's own and designated as the trust's (Tenn. Code Ann. § 35-15-810(b), (c)); paying through an account in the trust's name keeps that line visible and the record clean.
When can a beneficiary undo a trustee's transaction with the trust?
A transaction for the trustee's own account, or affected by a conflict of interest, is voidable by an affected beneficiary unless one of the statute's exceptions applies, and a transaction with close family, the trustee's agent or attorney, or an enterprise the trustee has an interest in is presumed affected by a conflict (Tenn. Code Ann. § 35-15-802(b), (c)). Whether an exception applies is a question for a licensed Tennessee attorney.
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