The law Offices of Robert J. Notestine III

Notestine Law: Three decades of experience in the real estate business

Notestine Law: Hot Topics: Trust Law changes

Sunday, August 31, 2014

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.

Attention: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Not certified as a Real Estate or Business Law specialist by the Tennessee Commission on Continuing Legal Education and Specialization. Certification in these areas of law are not currently available in Tennessee.

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