§ 53-12-193. Election of Trustees of Private Foundation or Charitable Trust to Distribute Such Trust Principal as Will Enable Trust to Avoid Tax Liability; Filing of Written Election With Attorney General; Form of Distribution; Revocation of Election
With respect to any trust which is a private foundation or a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, the governing trust instrument of which permits distributions to the extent of the net income of the trust each year but does not permit distributions from trust principal, the trustees […]
§ 53-12-194. Effect of Code Sections 53-12-190 Through 53-12-193 as to Forfeiture or Reversion of Trust Property or Failure of Trust
Nothing contained in Code Sections 53-12-190 through 53-12-193 shall cause or be construed to cause a forfeiture or reversion of any of the property of a trust which is subject to such Code sections or to make the purposes of such trust impossible of accomplishment. History. Code 1981, § 53-12-194 , enacted by Ga. L. […]
§ 53-12-195. Effect of Code Sections 53-12-190 Through 53-12-193 on Powers of Courts and Attorney General
Nothing in Code Sections 53-12-190 through 53-12-193 shall impair the rights and powers of the courts or the Attorney General of this state with respect to any trust. History. Code 1981, § 53-12-195 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-200. Capacity of Trustee
A trustee shall have legal capacity under Georgia law to acquire, hold, and transfer title to property. An individual shall be eligible to serve as a trustee regardless of citizenship or residency. If the trustee is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee […]
§ 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 […]