§ 35-15-708 — Compensation of trustees, trust advisors and trust protectors

Tennessee § 35-15-708

• Jurisdiction: Tennessee
• Title: 35

Text

(a) If the terms of a trust do not specify a trustee's, trust advisor's or trust protector's compensation, and if the settlor, if living, or otherwise a majority of the qualified beneficiaries as defined in § 35-15-103(24)(A) , have not otherwise agreed, a trustee, trust advisor or trust protector is entitled to compensation that is reasonable under the circumstances. (b) If the terms of a trust specify a trustee's, trust advisor's or trust protector's compensation, the trustee, trust advisor or trust protector is entitled to be compensated as specified in the trust, but the court may allow more or less compensation if: (1) The duties of the trustee, trust advisor or trust protector are substantially different from those contemplated when the trust was created; or (2) The compensation specified by the terms of the trust would be unreasonably low or high. (c) Factors for the court to consider in deciding upon a trustee's, trust advisor's or trust protector's compensation shall include the size of the trust, the nature and number of the assets, the income produced, the time and responsibility required, the expertise required, any management or sale of real property or closely held business interests, any involvement in litigation to protect trust property, and other relevant factors. (d) Subject to the court's authority as provided in subsection (b), regardless of its form of entity, the fees set forth in the published fee schedule of a trustee, trust advisor or trust protector that is regulated by the department of financial institutions, the equivalent regulatory agency of another state, the office of the comptroller of the currency or the office of thrift supervision shall be presumed to be reasonable, unless otherwise provided by the terms of the trust.

Legislative History

Amended by 2013 Tenn. Acts, ch. 390,s 27, eff. 7/1/2013. Acts 2004, ch. 537, § 58.