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Role · 7 мин чтения
Two offices, two bodies of property
The successor trustee administers the property titled in the trust under the Tennessee Uniform Trust Code, and takes office by accepting the trusteeship — by the method the terms provide, or by taking delivery of the trust property, exercising powers or otherwise indicating acceptance (Tenn. Code Ann. § 35-15-701(a)) — with no court appointment needed. The personal representative administers the probate estate under Title 30 and is appointed by the court on a verified petition for letters testamentary or of administration (Tenn. Code Ann. § 30-1-117(a)). Where no local act provides otherwise, the chancery court holds probate jurisdiction (Tenn. Code Ann. § 16-16-201(a)), and the statute sets which clerk serves the court with probate jurisdiction in each county (Tenn. Code Ann. § 18-6-106).
What the personal representative does first
Within 60 days after entering on the administration, the personal representative makes and returns an inventory of the probate estate unless it is excused (Tenn. Code Ann. § 30-2-301(a)), and notifies the beneficiaries — a complete copy of the will to those sharing in the residue — filing an affidavit that the copies went out ((b)). Within 30 days after the letters issue, the clerk publishes the notice to creditors in the personal representative's name, and the personal representative mails or delivers a copy to the creditors the representative knows of or can reasonably ascertain (Tenn. Code Ann. § 30-2-306(a), (d)). Claims are barred unless filed within the notice's period (Tenn. Code Ann. § 30-2-307(a)(1)) and forever barred twelve months after the death (Tenn. Code Ann. § 30-2-310(a)), paid in the statute's order (Tenn. Code Ann. § 30-2-317(a)); the representative accounts within fifteen months of qualifying and annually after — or, where accountings are waived, files a status report on the same schedule (Tenn. Code Ann. § 30-2-601(a)).
What the successor trustee does first
The trustee takes control of and protects the trust property (Tenn. Code Ann. § 35-15-809), keeps adequate records and keeps the property separate (Tenn. Code Ann. § 35-15-810), and — within 60 days after the acceptance and the funding of the now-irrevocable trust — sends the initial notice to the current income beneficiaries, the vested remainder beneficiaries and any nonfiduciary power holder (Tenn. Code Ann. § 35-15-813(b)). The contest window for a trust revocable at the death runs two years after the death, or 120 days after the trustee sends a copy and notice, whichever is earlier (Tenn. Code Ann. § 35-15-604(a)).
Where the two meet
The will: a person who holds a decedent's will mails or delivers it to the personal representative it names, with a copy to the clerk, or to the clerk where no representative will serve (Tenn. Code Ann. § 32-1-113). Where the residue passes to a trustee, the personal representative sends the trustee a complete copy of the will, and the trustee then sends copies to the trust beneficiaries under Title 35 (Tenn. Code Ann. § 30-2-301(b)(2)).
The creditors: the property of a trust revocable at the death answers for the settlor's debts, the estate's costs and the funeral expenses; a claim barred against the estate is barred against the trust, and the estate's order of payment applies to the trust where 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)). TennCare: before the probate estate of a decedent enrolled in TennCare at death is closed, the personal representative files a release from the bureau (Tenn. Code Ann. § 71-5-116(c)(2)). A small estate may be administered with limited letters (Tenn. Code Ann. § 30-4-103).
When one person holds both offices
Many families name the same person as executor and successor trustee. The offices still differ: the estate's property and the trust's property stay separate (Tenn. Code Ann. § 35-15-810(b)), each office keeps its own records and its own clocks, and a payment or a transfer between the estate and the trust is a transaction between two fiduciary accounts. A licensed Tennessee attorney can map the two administrations for your family.
Законы, дословно
Petition and documents required with an application for letters
Tenn. Code Ann. § 30-1-117 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Inventory; return; notice to beneficiaries
Tenn. Code Ann. § 30-2-301 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Notice to creditors of the personal representative's qualification
Tenn. Code Ann. § 30-2-306 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Claims against the estate; filing; amendment
Tenn. Code Ann. § 30-2-307 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Mailing or delivery of a will to the personal representative or the clerk
Tenn. Code Ann. § 32-1-113 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Creditor's claims against settlor
Tenn. Code Ann. § 35-15-505 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Does a Tennessee successor trustee need a court appointment?
No. A designated trustee accepts the trusteeship by the method the terms provide, or by taking delivery of the trust property, exercising powers or otherwise indicating acceptance (Tenn. Code Ann. § 35-15-701(a)). The personal representative, by contrast, is appointed by the court on a petition for letters (Tenn. Code Ann. § 30-1-117(a)).
Can the estate's creditors reach the trust?
After the death, the property of a trust revocable at the death answers for the settlor's debts, the estate's costs 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)).
Who sends the will to the trustee?
Where the residue passes to a trustee, the personal representative sends the trustee a complete copy of the will within the 60-day period, and the trustee sends copies to the trust beneficiaries (Tenn. Code Ann. § 30-2-301(b)(2)).
По теме
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