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Under Tennessee law, a guardian or conservator
must obtain prior approval of the court in order to sell certain property of a
minor or disabled person under the guardianship or conservatorship. T.C.A.
§ 34-1-116 provides as follows:
(a) Except as provided in subsections (b) and (d), no property of a minor
or person with a disability may be sold without prior approval of the court
that appointed the fiduciary.
(b) Unless the fiduciary is holding tangible property for the benefit of
a minor or person with a disability pursuant to the terms of a will, trust or
other written document, the fiduciary has the authority to sell each item of
tangible property with a fair market value of less than one thousand dollars
($1,000) or a motor vehicle without specific court approval…
(d) This section shall not apply to any fiduciary who is not required to
file a property management plan or who has had its investment plans approved as
part of its property management plan.
There is an exception for any item of
tangible property that has a fair market value of less than $1,000.00 or for
any motor vehicle. Sales of these items can
be completed without specific court approval unless it is being held pursuant
to the terms of a will, trust, or other written document.
If you are a guardian or conservator in
Tennessee, this is a very important statute to remember. Just because you have the powers provided to
you by the court does not mean that the powers are unlimited. This statute is a reminder that certain actions
still require the approval of the court.
Follow me on Twitter at @jasonalee for updates from the Tennessee Wills and Estates blog.
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