Tennessee Code 34-5-113 – Compensation of guardians
Terms Used In Tennessee Code 34-5-113
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Court: means any court having jurisdiction to hear matters concerning guardians or conservators. See Tennessee Code 34-1-101
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: means any fiduciary for the person or estate of a ward. See Tennessee Code 34-5-102
- Income: means moneys received from the veterans administration and revenue or profit from any property wholly or partially acquired with those moneys. See Tennessee Code 34-5-102
- Veterans administration: means the veterans administration, its predecessors or successors. See Tennessee Code 34-5-102
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
Compensation payable to guardians shall be based upon services rendered and shall not exceed seven percent (7%) of the amount of moneys received during the period covered by the account; provided, that the court may approve compensation of not to exceed two hundred fifty dollars ($250) per year in any case in which seven percent (7%) of the income is less than that amount and does not, in the opinion of the court, adequately compensate the guardian for the services rendered during the year. In the event of extraordinary services by any guardian, the court, upon petition and hearing on the petition, may authorize reasonable additional compensation for those services. A copy of the petition and notice of hearing on the petition shall be given to the proper office of the veterans administration in the manner provided in the case of hearing on a guardian’s account or other pleading. No commission or compensation shall be allowed on the moneys or other assets received from a prior guardian, nor upon the principal amount received from liquidation of loans, or from other investments.