§ 53-12-240. Duties Generally
The duties contained in this part are in addition to and not in limitation of the common law duties of the trustee, except to the extent inconsistent therewith. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its provisions and purposes. History. Code 1981, § 53-12-240 , […]
§ 53-12-241. Duty of Prudent Administration
In administering a trust, the trustee shall exercise the judgment and care of a prudent person acting in a like capacity and familiar with such matters, considering the purposes, provisions, distribution requirements, and other circumstances of the trust. A trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust […]
§ 53-12-242. Duty to Inform as to Existence of Trust
Within 60 days after the date of creation of an irrevocable trust or of the date on which a revocable trust becomes irrevocable, the trustee shall notify the qualified beneficiaries of such trust of the existence of such trust and the name and mailing address of such trustee. All irrevocable trusts in existence on July […]
§ 53-12-243. Duty to Provide Reports and Accounts
On reasonable request by any qualified beneficiary, the trustee shall provide the qualified beneficiary with a report of information, to the extent relevant to that beneficiary’s interest, about the assets, liabilities, receipts, and disbursements of the trust, the acts of the trustee, and the particulars relating to the administration of such trust, including the trust […]
§ 53-12-244. Duty to Distribute Income
A trustee shall distribute all net income derived from the trust at least annually. History. Code 1981, § 53-12-244 , enacted by Ga. L. 2010, p. 579, § 1/SB 131. Law reviews. For article, “The Scope of Permissible Investments by Fiduciaries Under Georgia Law,” see 19 Ga. St. B.J. 6 (1982).
§ 53-12-245. No Duty to Investigate Resources
A trustee shall not be under any duty to investigate the resources of any beneficiary when determining whether to distribute trust property to such beneficiary. History. Code 1981, § 53-12-245 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-246. Duty to Avoid Conflict of Interest
A trustee shall administer the trust solely in the interests of the beneficiaries. This Code section shall not preclude the following transactions, if fair to the beneficiaries: An agreement between a trustee and a beneficiary relating to the appointment or compensation of the trustee; Payment of reasonable compensation to the trustee; or Performing and receiving […]
§ 53-12-247. Duty of Impartiality
Except to the extent that the governing trust instrument clearly manifests an intention that the trustee shall or may favor one or more of the beneficiaries, a trustee shall administer a trust impartially based on what is fair and reasonable to all of the beneficiaries and with due regard to the respective interests of income […]