Tennessee Living Trust Forms
Download a Tennessee Living Trust Form which provides a way for a person to set aside certain assets and property into a separate entity for the benefit of the person’s, or grantor’s, beneficiaries. A trust provides flexibility in that the grantor can put certain conditions and restrictions, such as age requirements, or purpose requirements, on the dissemination of the funds depending on his or her unique situation. A trust provides continuity of asset management, because the entity continues in existence after the death of the grantor. A trustee is charged with managing and carrying out the provisions of the trust for the best interest of the beneficiaries.
Revocable vs. Irrevocable: Revocable trusts can be changed or revoked during the life of the grantor and the assets in a revocable trust are includable in the grantor’s taxable estate. Irrevocable trusts are not meant to be changed or revoked.