§ 35-15-813. Duty to Inform and Report
A trustee shall keep the beneficiaries of the trust who are current mandatory or permissible distributees of trust income or principal, or both, reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. If a trust is divided into separate shares for the sole benefit […]
§ 35-15-814. Exercise of Powers Over Discretionary and Other Interests; Tax Savings
Relative to exercise of powers over discretionary and other interests: “Improper motive” means to demonstrate action such as the following: A trustee refusing to make or limiting distributions to beneficiaries other than the trustee due to the trustee’s self interest when the trustee also holds a beneficial interest subject to a discretionary interest; or A […]
§ 35-15-801. Duty to Administer Trust
Upon acceptance of a trusteeship, the trustee shall administer the trust until such time as the trust terminates or a successor trustee is appointed and all assets are delivered in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
§ 35-15-802. Duty of Loyalty
A trustee shall administer the trust solely in the interests of the beneficiaries. Subject to the rights of persons dealing with or assisting the trustee as provided in § 35-15-1012 or as may otherwise be allowed under Tennessee law, a sale, encumbrance, or other transaction involving the investment or management of trust property entered into […]
§ 35-15-803. Impartiality
If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries’ respective interests.
§ 35-15-804. Prudent Administration
A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.
§ 35-15-805. Costs of Administration
In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.