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Beneficiaries · 7 мин чтения
Who the duties run to
The trustee keeps the beneficiaries who are current mandatory or permissible distributees of income or principal reasonably informed about the administration and of the material facts they need to protect their interests; where a trust is divided into separate shares, the duty runs to the beneficiaries of each share (Tenn. Code Ann. § 35-15-813(a)(1)). The same duties run to a person who holds a power of appointment other than as a fiduciary ((a)(3)), and a charity expressly designated to receive distributions has a qualified beneficiary's rights (Tenn. Code Ann. § 35-15-110(a)). Notice to a beneficiary's representative counts as notice to the beneficiary (Tenn. Code Ann. § 35-15-301).
The initial notice
Within 60 days after the acceptance and the funding of an irrevocable or nongrantor trust — nominal funding and 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 power holder that the trust has been established, by first-class mail or personal delivery (Tenn. Code Ann. § 35-15-813(b)(1), (2)(A)). The notice is a complete copy of the trust with the trustee's name, address and telephone number, or an abstract, whichever the trustee in its absolute discretion chooses ((b)(2)(B)); the abstract gives each trustee's contact details and, for each class of recipient, the facts the statute lists — for a current income beneficiary, among them, the number of other current income beneficiaries and whether income distributions are required or discretionary ((b)(3)). The terms of the trust or a written direction may change the duty ((e)), and it does not reach a trust that became irrevocable before July 1, 2004 ((f)).
Information on request — and no periodic report
Unless unreasonable under the circumstances, the trustee responds in a reasonable time to a qualified beneficiary's request for information related to the administration, and the beneficiary reimburses the trustee's reasonable expenses of responding (Tenn. Code Ann. § 35-15-813(a)(2)). The statute calls for no periodic report or annual accounting; a beneficiary may waive the right to a report or other information and withdraw the waiver as to the future ((d)). A report the trustee does send matters: information that adequately discloses facts indicating a potential claim starts the beneficiary's one-year period to sue (Tenn. Code Ann. § 35-15-1005(a)).
Notices at the end
When a current income interest ends, the trustee gives the takers the same kind of notice ((c)). When the trust terminates or the trustee resigns or is removed, the trustee may send the discharge notice — a statement of assets and liabilities, the receipts and disbursements, and a proposal for distribution — to the grantor if living, each qualified beneficiary and the other fiduciaries; a recipient who does not object in writing, with reasonable specificity, within 45 days after receipt is barred from the claims the statute names (Tenn. Code Ann. § 35-15-817(c), (d), (f), (h)).
Where to bring a concern
Many concerns settle by agreement: the trustee and the qualified beneficiaries may enter a binding nonjudicial settlement agreement on any matter involving the trust, within the limits of its material purposes (Tenn. Code Ann. § 35-15-111). The court intervenes in a trust's administration when an interested person invokes its jurisdiction, and a proceeding may ask for instructions or a declaration of rights (Tenn. Code Ann. § 35-15-201(a), (c)). A trustee's failure to perform a duty owed to a beneficiary is a breach of trust, and the court's remedies range from compelling performance or an accounting to suspension, removal, and reducing or denying compensation (Tenn. Code Ann. § 35-15-1001). Which route fits a particular concern is a question for a licensed Tennessee attorney.
Законы, дословно
Remedies for breach of trust
Tenn. Code Ann. § 35-15-1001 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Limitation of action for breach of trust
Tenn. Code Ann. § 35-15-1005 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Others treated as qualified beneficiaries
Tenn. Code Ann. § 35-15-110 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Nonjudicial settlement agreements
Tenn. Code Ann. § 35-15-111 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Role of court in administration of trust
Tenn. Code Ann. § 35-15-201 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to inform and report
Tenn. Code Ann. § 35-15-813 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Is a Tennessee beneficiary entitled to a copy of the trust?
Not as a freestanding right. The initial notice is either a complete copy or an abstract, at the trustee's absolute discretion (Tenn. Code Ann. § 35-15-813(b)(2)(B)); a qualified beneficiary may request information related to the administration ((a)(2)), and a court may order a copy in a judicial proceeding.
Does a Tennessee trustee have to send yearly accountings?
The statute calls for no periodic report; the trustee keeps the current distributees reasonably informed and answers a qualified beneficiary's requests in a reasonable time (Tenn. Code Ann. § 35-15-813(a)), unless the terms of the trust provide for reports.
How long does a Tennessee beneficiary have to raise a breach?
One year after the beneficiary was sent information adequately disclosing facts indicating a potential claim, or had actual knowledge of them, whichever is earlier; otherwise three years after the trustee's departure, the end of the beneficiary's interest or the end of the trust (Tenn. Code Ann. § 35-15-1005(a), (c)).
По теме
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