Special Purpose Entities May Now Serve as Trust Advisors in Tennessee

Public Chapter 340, recently signed into law by Governor Bill Lee, represents a significant evolution of Tennessee trust law by permitting the creation of special purpose entities, as defined in Tenn. Code Ann. § 35-15-1301(a)(6), to serve as Trust Advisors for trusts for which a Tennessee corporate fiduciary is serving as Trustee.

To read more about these new entities, check out Aaron Flinn’s recent article.

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