(a) If the trustee resigns, is removed, or upon the full or partial termination of the trust, a qualified beneficiary or successor trustee may petition the court to require the trustee transferring or distributing the trust to appear before the court for a final accounting. However, a successor trustee shall not have any obligation to petition the court to require the final accounting. The trustee transferring or distributing the trust may also petition the court to approve a final accounting relieving the trustee from liability for the period of its administration. The final accounting period shall begin from the latest of:

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Terms Used In Tennessee Code 35-15-205

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means a person that has a present or future beneficial interest in a trust, vested or contingent. See Tennessee Code 35-15-103
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
  • Trust advisor: means any person described in §. See Tennessee Code 35-15-103
  • Trust protector: means any person described in §. See Tennessee Code 35-15-103
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Tennessee Code 35-15-103
(1) The date of acceptance of the trusteeship by the trustee; or
(2) The end of the period since an accounting was last approved by the court.
(b) The petition shall set forth:

(1) The name and address of the then-serving trustee, trust advisor, and trust protector, to the extent known by the petitioner;
(2) The qualified beneficiaries of the trust; and
(3) The period that the accounting covers.
(c) The petition must be served on each trustee, trust protector, trust advisor, and qualified beneficiary or their representative under part 3 of this chapter to the extent there is no material conflict of interest.
(d) Upon review of the trustee’s final accounting and after considering any objections thereto and any evidence presented, the court may approve the final accounting or enter judgment granting appropriate relief. If no objection to the petition is filed within the time allowed by law after service, or if the parties consent, the petition may be approved without notice, hearing, or further proceedings. The final judgment of the court shall be binding on all parties.
(e) Upon approval of the final accounting, the trustee shall be relieved from liability for the period covered by the final accounting.
(f) In accordance with § 35-15-1004, costs and expenses, including reasonable attorney’s fees of the petitioner, must be taxed against the trust, unless otherwise directed by the court.
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