The Estate contends that as a fiduciary of Decedent's estate, Paul had an affirmative duty to amass and preserve Decedent's assets and exercise the "same degree of diligence and caution that reasonably prudent business persons would employ in the management of their own affairs." See Estate of Locke v. Garthright, No. 1, 1991 WL 276801, at *4 (Tenn. Ct. App. Dec. 31, 1991) (citing In re Estate of Inman, 588 S.W.2d 763, 767 (Tenn. Ct. App. 1979); In re Estate of Cuneo, 475 S.W.2d 672, 676 (1971)); Coffee v. Ruffin, 44 Tenn. 487, 517 (Tenn. 1867) (cited in In Re Estate of Schorn, No. E2013-02245-COA-R3-CV, 2015 WL 1778292 (Tenn. Ct. App. Apr. 17, 2015). The obligations in handling an estate are as follows:

As such, the executor must deal with the beneficiaries in utmost good faith and "exercise the same degree of diligence and caution that reasonably prudent business persons would employ in the management of their own affairs." McFarlin v. McFarlin, 785 S.W.2d 367, 369-70 (Tenn.Ct.App. 1990) (citing In re Estate of Inman, 588 S.W.2d 763, 767 (Tenn.Ct.App. 1979); In re Estate of Cuneo, 63 Tenn.App. 507, 475 S.W.2d 672, 676 (1971); 2 H. PHILLIPS J. ROBINSON, PRITCHARD ON WILLS AND ADMINISTRATION OF ESTATES § 715 (4th ed. 1984)). In addition to general fiduciary duties requiring an executor to act with diligence and prudence, an executor owes specific duties to the estate and the beneficiaries of the estate.

In the custody, management, and disposition of the estate committed to the charge of a personal representative, that person is bound to demonstrate good faith and to exercise that degree of diligence, prudence, and caution which a reasonably prudent, diligent, and conscientious business person would employ in the management of their own affairs of a similar nature.In re Estate of Inman, 588 S.W.2d 763, 767 (Tenn.Ct.App. 1979) (quoting Pritchard on Wills and Administration of Estates, § 695 (3d ed 1955)); McFarlin v. McFarlin, 785 S.W.2d 367, 369-70 (Tenn.Ct.App. 1989). In this case, the trial court determined in its Conclusions of Law that Ms. Wood acted in good faith.

Like any other fiduciary, he is required to exercise the same degree of diligence and caution that reasonably prudent business persons would employ in the management of their own affairs. In re Estate of Inman, 588 S.W.2d 763, 767 (Tenn. Ct. App. 1979); In re Estate of Cuneo, 63 Tenn. App. 507, 515, 475 S.W.2d 672, 676 (1971); 2 H. Phillips J. Robinson, Pritchard on Wills and Administration of Estates § 715 (4th ed. 1984) (hereinafter "Pritchard"). The law favors the prompt administration of estates.

I therefore must respectfully decline to lend the name of the state to the action. Plaintiff, James Edward Inman, claims a special interest in this matter, because the appellees, as members of the supreme court, denied his application for permission to appeal a matter decided adversely to him in the Western Section of the Tennessee Court of Appeals in the case of In Re Estate ofJames Frank Inman, Deceased, Etc. v. Union Planters National Bank of Memphis, Etc., 588 S.W.2d 763 (Tenn. App.W.S. 1979). See also 588 S.W.2d 757 (Tenn.

A personal representative "is bound to demonstrate good faith and to exercise that degree of diligence, prudence, and caution which a reasonably prudent, diligent and conscientious business person would employ in the management of their own affairs of a similar nature." In re Est. of McMillin, No. E2020-00413-COA-R3-CV, 2021 WL 1235229, at *7 (Tenn. Ct. App. Apr. 1, 2021) (quoting In re Est. of Inman, 588 S.W.2d 763, 767 (Tenn. Ct. App. 1979)). Mr. Penniman conflates this with the duty of prudent administration that requires a trustee to "administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust."

Although there are no bright-line rules for what constitutes "utmost good faith," Tennessee courts have observed that a fiduciary is "required to exercise the same degree of diligence and caution that a reasonably prudent businessman would employ in the management of his own affairs." Id. (citing In re Estate of Inman, 588 S.W.2d 763, 767 (Tenn. Ct. App.1979)). An agent who breaches his or her fiduciary duties to his or her principals is liable for any pecuniary loss caused by the breach.

In the custody, management, and disposition of the estate committed to his charge, as in the collection of the assets, the representative is bound to perfect good faith, and to the exercise of that degree of diligence, prudence, and caution which a reasonably prudent, diligent, and conscientious business man would employ in the management of his own affairs of a similar nature[.]In re Estate of Inman, 588 S.W.2d 763, 767 (Tenn. Ct. App. 1979) (quoting Pritchard on Wills and Administration of Estates, § 695 (3d ed. 1955)). Generally speaking, it should be noted that a personal representative's power to manage a decedent's real property is severely circumscribed.

In the custody, management, and disposition of the estate committed to the charge of a personal representative, that person is bound to demonstrate good faith and to exercise that degree of diligence, prudence, and caution which a reasonably prudent, diligent, and conscientious business person would employ in the management of their own affairs of a similar nature.In re Estate of Inman, 588 S.W.2d 763, 767 (Tenn. Ct. App.1979) (quoting Pritchard on Wills and Administration of Estates, § 695 (3d ed. 1955)); McFarlin v. McFarlin, 785 S.W.2d 367, 369-70 (Tenn. Ct. App.1989). A personal representative has an affirmative fiduciary duty to marshal and collect the assets of an estate and to distribute the estate to the beneficiaries in a timely manner.

As such, the executor must deal with the beneficiaries in utmost good faith and "exercise the same degree of diligence and caution that reasonably prudent business persons would employ in the management of their own affairs." McFarlin v. McFarlin, 785 S.W.2d 367, 369-70 (Tenn.Ct.App. 1990) (citing In re Estateof Inman, 588 S.W.2d 763, 767 (Tenn.Ct.App. 1979); In re Estate of Cuneo, 63 Tenn. App. 507, 475 S.W.2d 672, 676 (1971); 2 H. PHILLIPS J. ROBINSON, PRITCHARD ON WILLS AND ADMINISTRATION OF ESTATES § 715 (4th ed. 1984)). In addition to general fiduciary duties requiring an executor to act with diligence and prudence, an executor owes specific duties to the estate and the beneficiaries of the estate.