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Compensation · 5 min lekti
The terms, or reasonable compensation
If the terms of the trust do not specify the trustee's compensation, the trustee is entitled to compensation that is reasonable under the circumstances, unless a living settlor or a majority of the qualified beneficiaries agreed otherwise (Tenn. Code Ann. § 35-15-708(a)). If the terms specify it, the trustee is compensated as specified, but the court may allow more or less where the duties are substantially different from those contemplated when the trust was created or the specified compensation would be unreasonably low or high (Tenn. Code Ann. § 35-15-708(b)) — a power the terms cannot take away (Tenn. Code Ann. § 35-15-105(b)(7)).
The court's factors, and the regulated institution's schedule
In determining reasonable compensation the court considers the factors Tenn. Code Ann. § 35-15-708(c) lists. A trustee regulated by the Department of Financial Institutions, another state's equivalent or the federal regulators may charge according to its published fee schedule, which is presumed reasonable (Tenn. Code Ann. § 35-15-708(d)). A trustee's compensation for a role in a business the trust owns must be reasonable, disclosed and not prohibited by the terms (Tenn. Code Ann. § 35-15-820(c)).
Loyalty and reimbursement
A transaction providing for reasonable compensation is not a conflict the duty of loyalty voids (Tenn. Code Ann. § 35-15-802(k)(2)). A trustee is reimbursed from the trust property, with interest as appropriate, for expenses properly incurred in the administration and, to prevent unjust enrichment, for other expenses that benefited the trust; the trustee has a lien for advances, and may pay properly incurred expenses — attorney's fees in defense of an action included — directly from the trust property, subject to the court's power to stop a disbursement or order repayment (Tenn. Code Ann. § 35-15-709). What is reasonable on a particular trust's facts is a question for a licensed Tennessee attorney of your choosing.
Lwa yo, mo pou mo
Default and mandatory rules
Tenn. Code Ann. § 35-15-105 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Compensation of trustees, trust advisors and trust protectors
Tenn. Code Ann. § 35-15-708 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Reimbursement of expenses
Tenn. Code Ann. § 35-15-709 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Duty of loyalty
Tenn. Code Ann. § 35-15-802 ↗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
Is there a statutory trustee fee in Tennessee?
No. Compensation is as the terms provide, with the court's power to adjust it, or reasonable under the circumstances (Tenn. Code Ann. § 35-15-708); only a regulated institution's published schedule is presumed reasonable ((d)).
Can the beneficiaries agree to a different fee in Tennessee?
A living settlor or a majority of the qualified beneficiaries may agree to compensation other than reasonable compensation where the terms are silent (Tenn. Code Ann. § 35-15-708(a)).
Can a Tennessee trustee pay the trust's attorney from the trust?
Properly incurred expenses, including attorney's fees in defense of an action, may be paid directly from the trust property, subject to the court's power to stop a disbursement or order repayment (Tenn. Code Ann. § 35-15-709(c)).
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.