§ 35-50-103. Life Insurance Proceeds Payable to Trustee
Life insurance may be made payable to a trustee to be named as beneficiary in the policy, and the proceeds of that insurance shall be paid to the trustee and shall be held and disposed of by the trustee as provided in a trust agreement made by the insured during the insured’s lifetime. It shall […]
§ 35-50-104. Purchase of Annuity Contract
In order to relieve estates and trusts of the burden of an annuity, the chancery court, on petition of one (1) or more of the beneficiaries in remainder in the estate or trust, or any portion of the estate or trust, is empowered, when not in terms prohibited by the will or trust instrument, to […]
§ 35-50-105. Fiduciaries May Effect Liability and Accident Insurance on Property
All guardians, executors, administrators and trustees are authorized to effect liability and accident insurance, in such amount as may be reasonable and proper, on any or all real or personal property under their management and control. Premiums paid on insurance effected according to subsection (a) shall be a proper charge against the estate under management […]
§ 35-50-106. Trusts for Employees’ Benefit — Rule Against Perpetuities
No trust previously or subsequently created by an employer as a part of a pension, stock bonus, disability, death benefit, profit sharing or similar plan for the exclusive benefit of some or all of the employer’s employees or their beneficiaries to which contributions are made by the employer or employees, or both employer and employees, […]
§ 35-50-107. Limitations on Appointment of Nonresident Fiduciary
Any person who is not a resident of this state or any corporation that is authorized to exercise fiduciary powers, but is not authorized to do business in this state and does not actually maintain an office in this state, shall not be appointed or allowed to serve as trustee of a corporate or personal […]
§ 35-50-108. Designation of Beneficiaries of Employee Pension, Stock Bonus or Investment Plans
If a person, entitled to receive payment in money, securities, or other property under a pension, retirement, death benefit, stock bonus, profit-sharing or employees’ savings and investment plan, system or trust, designates, as provided in this section, a payee or beneficiary to receive payment of the money, securities, or other property upon death of the […]
§ 35-50-109. Incorporation of § 35-50-110 in Will or Trust Instrument
By a clearly expressed intention of the testator or settlor so to do contained in a will, or in an instrument in writing by which a trust estate is created inter vivos, the language contained in the introductory paragraph of § 35-50-110, and in any one (1) or more of subdivisions (1)-(33) of that section, […]
§ 35-50-110. Specifically Enumerated Fiduciary Powers That May Be Incorporated by Reference
Without diminution or restriction of the powers vested in the fiduciary by law, or elsewhere in the instrument, and subject to all other provisions of the instrument, the fiduciary, without the necessity of procuring any judicial authorization, or approval, shall be vested with, and in the application of the fiduciary’s best judgment and discretion in […]
§ 35-17-103. Requirements for Community Property Trust
An arrangement is a community property trust if one (1) or both spouses transfer property to a trust, that: Expressly declares that the trust is a Tennessee community property trust; Has at least one (1) trustee who is a qualified trustee whose powers include, or are limited to, maintaining records for the trust on an […]
§ 35-17-104. Agreement Establishing Community Property Trust — Amendments and Revocation
In the agreement establishing a community property trust, spouses may agree on: The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located; The management and control of the property transferred to the trust; The disposition of the property transferred to the trust on dissolution, […]