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Catastrophic Illness Trust

A “Catastrophic Illness Trust” is defined as a trust or custodial account established to benefit those with a catastrophic illness, or a severe illness requiring prolonged hospitalization and/or doctors and medicines.  Trustees or a bank or trust company acting as trustee are required to provide notice to the Division of Charitable Solicitations on establishment of the trust.  This notice is required before soliciting donations in the State of Tennessee.

The trustees, other than a bank or trust company acting as trustee, are also required to file with the Division of Charitable Solicitations an annual accounting of the trust on the anniversary of the establishment of the trust.  This accounting must include all revenue and expenditures of the trust.  The trustees must keep true and accurate financial records of the trust for no less than three (3) years.  In addition, the Secretary of State may compel additional production of documents, exhibits, or things by any person which the Secretary believes to be pertinent in conducting any investigation.

 

 

Catastrophic Illness Trust Links

Catastrophic Illness Trust Act

Forms