(a) If the fiduciary is to manage the property of the minor or person with a disability, within sixty (60) days after appointment, the fiduciary shall file a sworn inventory containing a list of the property of the minor or person with a disability, together with the approximate fair market value of each property and a list of the source, amount and frequency of each item of income, pension, social security benefit or other revenue. If the required information was included in the petition but not separately stated as an inventory, the inventory shall repeat the information provided in the petition and add any later discovered property or income sources.

Terms Used In Tennessee Code 34-1-110

  • Court: means any court having jurisdiction to hear matters concerning guardians or conservators. See Tennessee Code 34-1-101
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: means a guardian, coguardian, conservator, co-conservator, or qualified trustee as defined in §. See Tennessee Code 34-1-101
  • Fiduciary: A trustee, executor, or administrator.
  • Minor: means any person who has not attained eighteen (18) years of age and who has not otherwise been emancipated. See Tennessee Code 34-1-101
  • Person: means any individual, nonhuman entity or governmental agency. See Tennessee Code 34-1-101
  • Person with a disability: means any person eighteen (18) years of age or older determined by the court to be in need of partial or full supervision, protection, and assistance by reason of mental illness, physical illness or injury, developmental disability, or other mental or physical incapacity. See Tennessee Code 34-1-101
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
  • Summons: Another word for subpoena used by the criminal justice system.
(b) Unless the court has approved an extension of time for filing the inventory, if the fiduciary fails to file the inventory within the required time, the clerk shall promptly notify the fiduciary and the fiduciary’s attorney of record. If after notice the inventory has not been filed thirty (30) days thereafter, the clerk shall cite the fiduciary to appear on a date certain and render the inventory. Upon failure to appear as cited, the fiduciary shall be summoned to appear before the court and show cause why the fiduciary should not be held in contempt.
(c) Unless the court has authorized an extension of time to file the inventory, if a fiduciary who has been summoned does not respond within thirty (30) days of the date the summons was received by the fiduciary, the court may enter an order revoking the fiduciary’s authority and appointing a substitute fiduciary.
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