Tennessee Legislature Approves Enhancements to Uniform Trust Code

In collaboration with a consortium of interested parties, including Holland & Knight attorneys, the Tennessee legislature has made significant strides toward securing and maintaining the state’s status as one of the leading jurisdictions for trust administration. These efforts have resulted in more consequential improvements to the Tennessee’s Uniform Trust Code, including clarification of virtual representation, multiple successor trustees and directed trustee structure, clarification of nonjudicial power to terminate trust, express confirmation of lack of personal liability of beneficiaries, the importance of grantor’s intent, funding a community property trust, and distribution of assets and release of liability upon termination of trust or change of trustee.