[TN] Did I fill out my trust correctly to make sure my children are my beneficiaries?
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After reviewing your trust, I found six key provisions that help to make sure you're in good shape:
- Joint Trusteeship with Full Control: You and your husband are listed as the current Trustees. This means you both have full control of the trust and its assets during your lifetimes.
- Authority to Amend, Revoke, or Manage the Trust: As Grantors and Trustees, you both have the power to manage, modify, or revoke the trust at any time while you're alive and not incapacitated (TN Code § 35-15-602(a)). You also retain the right to use the trust property (like your home) as your primary residence.
- Equal Beneficiary Designation: Your five children are clearly listed as equal beneficiaries, each receiving 20% of the Residual Estate upon the death of both Grantors.
- Successor Trustees with Majority Rule Provision: Your children are also listed as Successor Trustees, which means they’ll manage and distribute the trust assets after both of you are gone (or if neither of you can continue serving). They make decisions by majority vote, so not one child is in control alone.
- Spendthrift Provision: The trust includes a spendthrift clause, which helps shield the inheritance from creditors or lawsuits your children might face (TN Code § 35-15-502(b)).
- Sub-Trust for Minor Beneficiaries: If any beneficiary is under 18 when you both pass, the trust requires their share to be held in a separate trust and used for their care, education, and welfare.
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Hi, I want to make sure I filled out my trust correctly. I'm in TN and would like the trust to be in place for my husband and I to control it and our children benefit upon death.
I understand the importance of ensuring your trust is filled out correctly. Can you please confirm if you have consulted with a lawyer during the process?
No, we did not.
Have you recently made any significant changes to your assets or beneficiaries that might impact your trust?
No. Right now we just have basic assets.
Bank accounts, automobiles.
Is there anything else the Lawyer should know before I connect you? Rest assured they’ll be able to help with your trust.
No.
Hello! Legal Eagle here. I'm reviewing your issue in detail.
Have you specified how the trust should be managed during your lifetime, and who will have the authority to make decisions?
I believe so, I used the forms from e-form. Here is a copy of the trust I filled out.
File attached (M64T7PV)
Ok, thanks. Was there something specific in the agreement that concerned you? Did you just want to ensure your husband has a right to control after your death?
I want to make sure I have it setup that me and my husband have control together now and upon death our children will benefit from the trust.
After reviewing your trust, I found six key provisions that help to make sure you're in good shape:
- Joint Trusteeship with Full Control: You and your husband are listed as the current Trustees. This means you both have full control of the trust and its assets during your lifetimes.
- Authority to Amend, Revoke, or Manage the Trust: As Grantors and Trustees, you both have the power to manage, modify, or revoke the trust at any time while you're alive and not incapacitated (TN Code § 35-15-602(a)). You also retain the right to use the trust property (like your home) as your primary residence.
- Equal Beneficiary Designation: Your five children are clearly listed as equal beneficiaries, each receiving 20% of the Residual Estate upon the death of both Grantors.
- Successor Trustees with Majority Rule Provision: Your children are also listed as Successor Trustees, which means they’ll manage and distribute the trust assets after both of you are gone (or if neither of you can continue serving). They make decisions by majority vote, so not one child is in control alone.
- Spendthrift Provision: The trust includes a spendthrift clause, which helps shield the inheritance from creditors or lawsuits your children might face (TN Code § 35-15-502(b)).
- Sub-Trust for Minor Beneficiaries: If any beneficiary is under 18 when you both pass, the trust requires their share to be held in a separate trust and used for their care, education, and welfare.
So yes, everything is aligned with your goals: shared control now, and your children benefit later. I know it’s a lot, but does that help make sense of things a bit more? I want to make sure I didn’t leave anything out.
This is great thank you so very much! I appreciate your help.
For sure! Were there any details I missed? Were there any concerns you still needed to be addressed?
Hello! I want to make sure ALL of your concerns were addressed. Did you have any concerns about this that still need to be addressed? I'm happy to help.
So I haven't heard from you in a while, but that's ok! I hope I’ve provided the information you were seeking. If you need more help, please let me know so I can continue to assist you.
