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Beneficiaries · 7 min lekti
The initial notice: who, what, how
Tenn. Code Ann. § 35-15-813(b)(1) has the trustee of an irrevocable or nongrantor trust, within 60 days after the acceptance and the funding of the trust, notify 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. The recipients are the statute's own classes — not the qualified beneficiaries of Tenn. Code Ann. § 35-15-103(25), and never an ultimate beneficiary who takes only if every other beneficiary fails ((25)(D)). A charity expressly designated to receive distributions may receive the notice (Tenn. Code Ann. § 35-15-110(a)), and notice to a beneficiary's representative is notice to the beneficiary (Tenn. Code Ann. § 35-15-301).
The notice is sent by first-class mail or personal delivery — the two methods the statute names for it (Tenn. Code Ann. § 35-15-813(b)(2)(A)) — and consists of either a complete copy of the document establishing the trust together with the trustee's name, address and telephone number, or an abstract, whichever the trustee in the trustee's absolute discretion chooses ((b)(2)(B)). The abstract contains the name, address and telephone number of each trustee and, for a current income beneficiary, the number of other current income beneficiaries, whether income distributions are required or discretionary, whether principal may be distributed and for what purposes, and estimates of the trust's distributable value and of the income distributable to the beneficiary; for a remainder beneficiary, the number of other remainder beneficiaries, an estimate of the trust's value and the conditions to distribution; for a power holder, what is necessary or beneficial to deciding whether to exercise the power ((b)(3)). The same notice goes to the takers when a current income interest terminates ((c)).
The continuing duty to the current distributees
Tenn. Code Ann. § 35-15-813(a)(1) has the trustee keep the beneficiaries who are current mandatory or permissible distributees of trust income or principal reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests; where the trust is divided into separate shares for a single beneficiary or a separate group, the duty runs to that share's beneficiaries. The code requires no annual or other periodic report; a report the trustee chooses to send that adequately discloses facts indicating a potential claim starts the one-year period of Tenn. Code Ann. § 35-15-1005(a).
A request, a waiver, a direction
Unless unreasonable under the circumstances, the trustee responds in a reasonable amount of time to a qualified beneficiary's request for information related to the administration, and the qualified beneficiary reimburses the trustee's reasonable expenses of responding (Tenn. Code Ann. § 35-15-813(a)(2)); the same duties run to a nonfiduciary holder of a power of appointment ((a)(3)). Any beneficiary may waive the right to a report or other information and withdraw the waiver as to the future ((d)). The duties are default rules: the terms of the trust, or a written direction of a living settlor, trust advisor or trust protector, may change them, a settlor's direction ending at the settlor's death or incapacity, and the settlor may designate a representative to receive the information ((e)). None of the duties reaches a trust that became irrevocable before July 1, 2004 ((f)); the trustee may require a confidentiality agreement before releasing information about a restricted asset ((g)). While the trust is revocable and the settlor has capacity, the duties are owed exclusively to the settlor (Tenn. Code Ann. § 35-15-603(a)).
Lwa yo, mo pou mo
Limitation of action for breach of trust
Tenn. Code Ann. § 35-15-1005 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Chapter definitions
Tenn. Code Ann. § 35-15-103 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Methods and waiver of notice
Tenn. Code Ann. § 35-15-109 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Duty to inform and report
Tenn. Code Ann. § 35-15-813 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Kesyon moun poze souvan
Who receives the initial notice in Tennessee?
Each current income beneficiary, each vested ultimate beneficiary of a remainder interest and each nonfiduciary holder of a power of appointment (Tenn. Code Ann. § 35-15-813(b)(1)) — not the qualified beneficiaries as such, and never an ultimate beneficiary (Tenn. Code Ann. § 35-15-103(25)(D)).
Can the initial notice be sent by e-mail in Tennessee?
The statute names first-class mail or personal delivery for the initial notice (Tenn. Code Ann. § 35-15-813(b)(2)(A)); the general methods of notice, which include a properly directed electronic message and electronic provision with consent in a record, are Tenn. Code Ann. § 35-15-109(a)(2)'s for other notices.
Does a Tennessee trustee have to send an annual report?
No periodic report is required by statute; the trustee keeps the current distributees reasonably informed and answers a qualified beneficiary's request in a reasonable time (Tenn. Code Ann. § 35-15-813(a)). The instrument may require more, and any beneficiary may waive (Tenn. Code Ann. § 35-15-813(d)).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Tennessee — se pa konsèy legal, e li pa ranplase konsèy yon avoka Tennessee ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.