35-15-708 - Compensation of trustee. - Tennessee Statutes

35-15-708. Compensation of trustee.

(a)  If the terms of a trust do not specify the trustee's compensation, and if the settlor, if living, otherwise a majority of the qualified beneficiaries as defined in § 35-15-103(13)(A), have not otherwise agreed, a trustee is entitled to compensation that is reasonable under the circumstances.

(b)  If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:

     (1)  The duties of the trustee are substantially different from those contemplated when the trust was created; or

     (2)  The compensation specified by the terms of the trust would be unreasonably low or high.

(c)  Factors for the court to consider in deciding upon a trustee's compensation shall include the size of the trust, the nature and number of the assets, the income produced, the time and responsibility required, the expertise required, any management or sale of real property or closely held business interests, any involvement in litigation to protect trust property, and other relevant factors.

(d)  Subject to the court's authority as provided in subsection (b), the fees set forth in the published fee schedule of a corporate trustee shall be presumed to be reasonable, unless otherwise provided by the terms of the trust.

[Acts 2004, ch. 537, § 58.]