Tennessee Funeral Service Laws Rules & Regulations (LRR) Practice Exam

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What is referred to as the document or documents through which a trustee receives, holds, invests, and disburses trust funds?

Power of attorney
Trust instrument
Living will
Last will and testament

The correct answer is: Trust instrument

The correct answer is the trust instrument, which is a crucial legal document used in the management of a trust. This document outlines the terms and conditions of the trust, specifying how the trustee is to handle the trust funds. It defines the rights and responsibilities of the trustee, the beneficiaries, and how the trust assets should be managed, distributed, or invested over time. While a power of attorney allows one person to act on behalf of another regarding financial or legal matters, it does not specifically pertain to the management of trust funds. A living will pertains to healthcare decisions and does not deal with financial matters or trusts, and a last will and testament is used to direct the distribution of an individual's assets upon their death, separate from the management of trust funds. Hence, the trust instrument is the appropriate term for the document that governs the activities of a trustee in a trust context.