Tennessee Revocable Trust Agreement with Corporate Trustee

• Category: Trusts - Agreements
• State: Multi-State
• Control #: US-0377BG
• Format: Word; Rich Text

Description

A revocable trust is a trust that can be modified or revoked by the settler. In such trusts, the settler reserves the right to terminate the trust and recover the trust property and any undistributed income. Revocable trusts are considered grantor trusts and therefore the income is taxed to the settler and the assets in the trust at the time of settlers death are included in the settlers taxable estate.

A Tennessee Revocable Trust Agreement with a Corporate Trustee is a legal document that establishes a trust in the state of Tennessee, wherein a corporate entity is designated as the trustee. This type of trust allows the settler (the person who establishes the trust) to retain control over their assets during their lifetime while also ensuring their seamless transfer and management upon their death or incapacity. A revocable trust, as the name suggests, can be altered, amended, or revoked by the settler at any time, providing flexibility and adaptability to changing circumstances. By designating a corporate trustee, such as a bank or trust company, the settler ensures professional management and administration of the trust assets, offering expertise and impartiality to handle financial matters and fulfill fiduciary duties. There are various types of Tennessee Revocable Trust Agreements with Corporate Trustees available, catering to different needs and circumstances. Some common types include: 1. Individual Revocable Living Trust: This type of trust is established and managed by an individual settler with a corporate trustee. It allows the settler to maintain control over their assets during their lifetime, avoid probate, and plan for management upon incapacitation or death. 2. Marital Revocable Trust: Also known as a Spousal Trust, this trust is designed for couples and allows them to jointly manage their assets. Upon the death of one spouse, the trust assets are retained for the benefit of the surviving spouse, ensuring financial security and efficient transfer of assets upon their death. 3. Family Revocable Trust: A Family Trust is established to benefit multiple members of a family. It provides a framework for asset management, distribution, and ensuring the financial well-being of family members, especially minors or individuals with special needs. 4. Charitable Revocable Trust: This type of trust allows the settler to benefit charitable organizations. It provides a mechanism for the settler to contribute to philanthropic causes while retaining control over the donated assets during their lifetime. 5. Standalone Retirement Trust: This trust is specifically designed to hold retirement accounts, such as Individual Retirement Accounts (IRAs) or 401(k) plans. Naming a corporate trustee allows for professional management and the seamless transfer of retirement assets according to the beneficiary designations. In conclusion, a Tennessee Revocable Trust Agreement with a Corporate Trustee is a versatile tool that allows individuals to effectively manage and transfer their assets while retaining control during their lifetime. The various types of trusts cater to specific needs, whether it is a personal asset management, spousal support, family financial planning, philanthropy or retirement account management. By employing a corporate trustee, the settler can rest assured knowing their assets are professionally handled and their intentions are carried out diligently.