This document is a 53-page Declaration of Trust. It includes definitions of all relevant terms, as well as the constitution, capital accounts, valuations and prices, issue of units, register of unitholders, transmission, redemption of units, and every other necessary clause that constitutes a valid Declaration of Trust.
The Tennessee Declaration of Trust is a legal document that establishes a fiduciary relationship between a trustee and beneficiaries. This declaration outlines the terms and conditions under which the trustee will manage and distribute assets held in the trust, while also ensuring that the beneficiaries' interests are protected. In Tennessee, there are several types of trusts that may be established under the Tennessee Declaration of Trust, each with its own specific purpose and requirements. Some commonly known types include: 1. Revocable Trust: Also referred to as a living trust, this type of trust allows the granter (the person creating the trust) to retain control over the assets during their lifetime. The granter can modify or revoke the trust at any time, and upon their passing, the assets are transferred to the named beneficiaries. 2. Irrevocable Trust: In contrast to a revocable trust, an irrevocable trust cannot be easily modified or revoked once it has been established. This type of trust provides greater asset protection and may have tax advantages, but it also entails relinquishing control over the assets. 3. Testamentary Trust: Created through a person's will, a testamentary trust only takes effect upon their death. This type of trust allows the granter to retain full control over their assets until their passing, at which point the trust becomes active and distributions are made according to the terms outlined in the will. 4. Charitable Trust: A charitable trust is established to benefit a charitable organization or cause. This type of trust allows individuals to support their preferred charitable causes while potentially benefiting from certain tax deductions. 5. Special Needs Trust: This type of trust is designed to provide for the financial needs of individuals with disabilities while preserving their eligibility for government assistance programs. Assets held in this trust are used to enhance the beneficiary's quality of life without jeopardizing their eligibility for benefits. These are just a few examples of the different types of Tennessee Declarations of Trust available. Each trust type serves a distinct purpose, and it is important for individuals seeking to establish a trust to consult with an attorney who specializes in estate planning and trusts to ensure compliance with state laws and best meet their specific needs.
