by Joel Roettger | Feb 16, 2018 | Estate Planning, Trusts
Yes, generally, but it does not have to be. The Tennessee Trust Code states as follows: A trust advisor or trust protector, other than a beneficiary, is a fiduciary with respect to each power granted to such trust advisor or trust protector. Why is this significant?...
by Joel Roettger | Feb 6, 2018 | Estate Planning, Trusts
Trust protectors (also known as trust advisors) are becoming a common feature of irrevocable trusts. But what is a trust protector? A trust protector, as defined in the Tennessee Trust Code, is a person who is not a trustee but who nonetheless possesses certain...
by Joel Roettger | Sep 27, 2017 | Estate Planning, Trusts
As the previous post notes, a special rule applies to a support trust in which the settlor’s spouse is a beneficiary. In that case, the trustee shall consider the spouse’s other resources (i.e., assets outside of trust) before making a distribution. But...
by Joel Roettger | Sep 20, 2017 | Estate Planning, Trusts
Consider the following scenario. A trust instrument provides that the trustee is authorized, but not required, to distribute income and principal for a beneficiary’s health, support, maintenance, and education. The beneficiary, who has significant assets of her...
by Joel Roettger | May 25, 2017 | Estate Planning, Probate, Trusts
A good Last Will and Testament will address the issue of children born after the document is executed. Nonetheless, the Tennessee Code has the situation covered: A child born after the making of a will, either before or after the death of the testator, inclusive of a...
