Legal Question in Wills and Trusts in Tennessee
Trust for Life Insurance
My brother recently died and left his life insurance to his only child who is a minor child with my dad as the trustee. My dad is 72 years old and wants me to handle the trust. Is there a trust transfer form that needs to be filed for this to be legal? My dad lives in Tennessee and I live in Texas. The monies will be put in a bank in Texas by me. What are the steps that we need to follow to make sure this is done right?
2 Answers from Attorneys
Re: Trust for Life Insurance
Were you named as alternate trustee if your father couldn't or wouldn't serve as trustee? Does the trust instrument give him the power to appoint you as trustee? If not, you and your father will need to speak with a Tennessee lawyer about what Tennessee law requires to transfer a trusteeship, if at all possible.
Re: Trust for Life Insurance
The first place to look is at the trust instrument, if there is one. If there was a trust document, it may have named you as alternate or given Dad the power to name an alternate. Many times, with life insurance, there was no trust instrument. (The lesson here is that if you name a minor as beneficiary to life insurance, see a lawyer to make sure you have it set up right before you die). There are no trustee transfer forms in Texas, but it looks as if Tennessee law may control. You would have to consult a Tennessee lawyer to see what the law provides by default if there is no trust instrument. It might require a court order to get the trustee changed.
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