Trust Law changes

Effective July 1, 2013, Tennessee enacted certain change to Tennessee's Uniform Trust Code. The changes are too numerous to mention in a short Blog, but changes that may be of interest to real estate investors are: 1) changes on the definition of creditors rights 2) limited liability for the trustee of a trust to creditors of a beneficiary 3) reduces the timeframe in which a creditor  can claim a transfer to a trust is fraudulent 4)allows the trustee to pledge assets to secure a loan to a beneficiary 5) defines the roles and rights of a trust protector and trust advisors. The changes made are comprehensive  and you should consult your legal advisor if you have an interest in trust law.