§ 53-12-61. Power to Direct Modification or Termination; Petition to Modify or Terminate Irrevocable Trust; Proceeding to Approve Proposed Modification or Termination; Distribution of Trust Property Under Order for Termination; Waiver of Notice
The trust instrument may confer upon a trustee or other person a power to modify or terminate the trust without court approval. During the settlor’s lifetime, the court shall approve a petition to modify or terminate an irrevocable trust, even if the modification or termination is inconsistent with a material purpose of the trust, if […]
§ 53-12-62. Power of Trustee to Invade Principal of Original Trust
As used in this Code section, the term: “Original trust” refers to the trust from which principal is being distributed. “Second trust” refers to the trust to which assets are being distributed from the original trust, whether a separate trust or an amended version of the original trust. As used in this subsection, the term […]
§ 53-12-65. Modification or Termination of Uneconomic Trust
After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property either having a total value less than $100,000.00 or for which the trustee’s annual fee for administering the trust is 5 percent or more of the market value of the principal assets of the trust as of the last day […]
§ 53-12-80. Spendthrift Provisions
A spendthrift provision shall only be valid if it prohibits both voluntary and involuntary transfers. A term of a trust providing that the interest of a beneficiary is held subject to a spendthrift trust, or words of similar import, shall be sufficient to restrain both voluntary and involuntary transfer of the beneficiary’s interest in the […]
§ 53-12-81. Limitations on Creditors’ Rights to Discretionary Distributions
A transferee or creditor of a beneficiary shall not compel the trustee or a trust director to pay any amount that is payable only in the discretion of the trustee or trust director regardless of whether the discretion is expressed in the form of a standard of distribution, including, but not limited to, health, education, […]
§ 53-12-82. Rules for Trusts; Consideration of Assets of an Inter Vivos Marital Trust Following Death
As used in this subsection, the term “creditor” means: With respect to subparagraphs (A) and (B) of paragraph (2) of this subsection, those creditors of a settlor whose claims against the property of the trust are governed by this article, including those creditors identified in subsection (d) of Code Section 53-12-80; and With respect to […]
§ 53-12-83. Creditors’ Claims Against Property That Is Subject to Withdrawal Right
The holder of a power of withdrawal, during the period that the power may be exercised, shall be treated in the same manner as the settlor of a revocable trust to the extent of the property subject to the power. The lapse, release, or waiver of a power of withdrawal shall not cause the holder […]
§ 53-12-100. Short Title
This part shall be known and may be cited as the “Georgia Testamentary Additions to Trusts Act.” History. Code 1981, § 53-12-100 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-101. Making of Testamentary Additions to Trusts
A devise or bequest, the validity of which is determinable by the law of this state, may be made by a will to the trustee of a trust established or to be established by the testator or by the testator and some other person or by some other person, including a funded or unfunded life […]
§ 53-12-102. Limitations of Duties and Responsibilities of Trustee
The trustee of a trust established by the testator or others as provided in Code Section 53-12-101 shall not be required to inquire into or audit the actions of the executor of the testator’s estate or to make any claim against the executor unless specifically directed to do so by the settlor in the trust […]