Amends TCA Title 30 and Title 35.
Tennessee HB0817 amends provisions related to the appointment and responsibilities of trustees under the Tennessee Uniform Trust Code. It affects trustees, beneficiaries, and trust advisors by expanding the circumstances under which a public trustee can be appointed, removing the $100,000 limit on trust value for such appointments, and clarifying the requirements for valid lifetime trusts and the methods of providing notice. Key changes include allowing electronic notice, revising the conditions for contesting trust validity, and specifying the powers and duties of trustees regarding reimbursement and tax liabilities.
Tennessee HB0817 amends provisions related to the appointment and responsibilities of trustees under the Tennessee Uniform Trust Code. It affects trustees, beneficiaries, and trust advisors by expanding the circumstances under which a public trustee can be appointed, removing the $100,000 limit on trust value for such appointments, and clarifying the requirements for valid lifetime trusts and the methods of providing notice. Key changes include allowing electronic notice, revising the conditions for contesting trust validity, and specifying the powers and duties of trustees regarding reimbursement and tax liabilities.
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