§ 53-12-221. Removal of Trustee
A trustee may be removed: In accordance with the provisions of the trust instrument; or Upon petition to the court by any interested person showing good cause. In the discretion of the court, in order to protect the trust property or the interests of any beneficiary, on its own motion or on motion of a […]
§ 53-12-201. Appointment and Vacancies
A settlor may appoint trustees or grant that power to others, including trust beneficiaries. A trust shall never fail for want of a trustee. If the trust instrument names a person to fill a vacancy or provides a method of appointing a trustee, any vacancy shall be filled or appointment made as provided in the […]
§ 53-12-202. Acceptance
The acceptance of a trust shall be necessary to constitute a person as trustee. Acceptance may be effected by acts as well as words. After acceptance, the trustee shall not decline the trusteeship. Except as otherwise provided in subsection (c) of this Code section, a person designated as trustee accepts the trusteeship: By substantially complying […]
§ 53-12-203. Trustee’s Bond
A trustee shall not be required to give a bond to secure performance of the trustee’s duties unless: The trust instrument requires a bond; or A bond is found by the court to be necessary to protect the interests of beneficiaries or creditors of the trust, even though the trust instrument waives the requirement of […]
§ 53-12-204. Cotrustees Generally
The authority of cotrustees to act on behalf of the trust shall be as follows: A power vested in two or more trustees shall only be exercised by their unanimous action; provided, however, that a cotrustee may delegate to one or more other cotrustees the performance of ministerial acts; If a vacancy occurs in the […]
§ 53-12-210. Compensation of Trustee
Trustees shall be compensated in accordance with either the trust instrument or any separate written agreement between the trustee and the settlor. After the settlor’s death or incapacity or while the trust is irrevocable, the trust instrument or the agreement relating to such trustee’s compensation may be modified as follows: The trustee and all qualified […]
§ 53-12-211. Compensation of Cotrustees and Successor Trustees
Unless any separate written agreement provides otherwise: Each cotrustee shall be compensated as specified by the terms of the trust, as each trustee may have agreed or in accordance with a published fee schedule, and such compensation among cotrustees shall not be apportioned unless they shall agree otherwise; and The annual fee paid pursuant to […]
§ 53-12-212. Extra Compensation
A trustee who is receiving compensation as described in subsection (c) of Code Section 53-12-210 may petition the court for compensation that is greater than the compensation allowed under that subsection. Notice of the petition for extra compensation shall be given to all qualified beneficiaries. After hearing any objection, the court shall allow such extra […]
§ 53-12-213. Reimbursement of Expenses
A trustee shall be entitled to be reimbursed out of the trust property for reasonable expenses that were properly incurred in the administration of the trust. History. Code 1981, § 53-12-213 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-214. Compensation From Business Enterprise
Any trustee may receive compensation for services, as specified in this subsection, from a corporation or other business enterprise, where the trust estate owns an interest in the corporation or other business enterprise, provided that: The services provided by the trustee to the corporation or other business enterprise are of a managerial, executive, or business […]