A blind trust is a trust in which the beneficiaries are unaware of the trust's specific assets, and in which a fiduciary third party has discretion over all management of the trust assets. For example, politicians may use a blind trust to hold their assets while they're in office to avoid conflict of interest accusations. Blind trusts are set up with grantor and beneficiary being the same, and a trust company as trustee. The trust company holds stocks, bonds, real estate, and other income-generating property in trust for the beneficiary, but the beneficiary lacks knowledge of what stocks or bonds or real estate or other investments are in the trust.
This trust is not meant for a politician but for a person in private life who desires a blind trust. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Tennessee Blind Trust Agreement for a private individual, in contrast to the government, refers to a legal arrangement in which a person transfers their assets or investments to a trust with an independent trustee. The purpose of this agreement is to separate the individual's personal financial affairs from their public office or position of power, ensuring impartial decision-making and avoiding conflicts of interest. Tennessee offers various types of Blind Trust Agreements for private individuals, each with its specific applications. These may include: 1. Revocable Blind Trust: This type of agreement allows the individual to have control over the trust and make changes to its terms as they see fit. The trust can be amended or revoked entirely at any time, offering the flexibility that some individuals may desire. 2. Irrevocable Blind Trust: Unlike the revocable trust, this type of agreement cannot be altered or revoked once established. This ensures that the individual has no direct involvement in the management of their assets or investments, eliminating any potential conflicts of interest. 3. Discretionary Blind Trust: In this type of trust, the trustee has the authority to manage the assets according to their judgment and distribute the income or principal to the beneficiary, who is unaware of the trust's transactions. This arrangement ensures that the individual has no knowledge or influence over their assets, promoting transparency and objectivity. 4. Investment Blind Trust: With an investment blind trust, the trustee is given the responsibility to oversee the individual's investment portfolio without the individual's involvement or knowledge of specific investments. This agreement allows the individual to focus solely on their public duties, free from concerns regarding personal financial gain. The Tennessee Blind Trust Agreement for a private individual grants the individual the ability to distance themselves from their assets and investments, minimizing the potential for conflicts of interest, bribery, or any undue influence, especially in positions of governance or public office. The purpose is to ensure ethical and unbiased decision-making, protecting both the individual and the public's best interests. Overall, the Tennessee Blind Trust Agreement for a private individual, as opposed to the government, provides a framework for individuals to maintain separation between their personal financial affairs and their public obligations, promoting transparency, fairness, and integrity in their decision-making process.A Tennessee Blind Trust Agreement for a private individual, in contrast to the government, refers to a legal arrangement in which a person transfers their assets or investments to a trust with an independent trustee. The purpose of this agreement is to separate the individual's personal financial affairs from their public office or position of power, ensuring impartial decision-making and avoiding conflicts of interest. Tennessee offers various types of Blind Trust Agreements for private individuals, each with its specific applications. These may include: 1. Revocable Blind Trust: This type of agreement allows the individual to have control over the trust and make changes to its terms as they see fit. The trust can be amended or revoked entirely at any time, offering the flexibility that some individuals may desire. 2. Irrevocable Blind Trust: Unlike the revocable trust, this type of agreement cannot be altered or revoked once established. This ensures that the individual has no direct involvement in the management of their assets or investments, eliminating any potential conflicts of interest. 3. Discretionary Blind Trust: In this type of trust, the trustee has the authority to manage the assets according to their judgment and distribute the income or principal to the beneficiary, who is unaware of the trust's transactions. This arrangement ensures that the individual has no knowledge or influence over their assets, promoting transparency and objectivity. 4. Investment Blind Trust: With an investment blind trust, the trustee is given the responsibility to oversee the individual's investment portfolio without the individual's involvement or knowledge of specific investments. This agreement allows the individual to focus solely on their public duties, free from concerns regarding personal financial gain. The Tennessee Blind Trust Agreement for a private individual grants the individual the ability to distance themselves from their assets and investments, minimizing the potential for conflicts of interest, bribery, or any undue influence, especially in positions of governance or public office. The purpose is to ensure ethical and unbiased decision-making, protecting both the individual and the public's best interests. Overall, the Tennessee Blind Trust Agreement for a private individual, as opposed to the government, provides a framework for individuals to maintain separation between their personal financial affairs and their public obligations, promoting transparency, fairness, and integrity in their decision-making process.
