§ 53-12-362. Conversion to Unitrust
Unless expressly prohibited by the trust instrument, a trustee may release the power to adjust under Code Section 53-12-361 and convert a trust into a unitrust as described in this Code section if: The trustee determines that the conversion will enable such trustee to better carry out the intent of the settlor or testator and […]
§ 53-12-423. Insurance Policies and Similar Contracts
Except as otherwise provided in subsection (b) of this Code section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, […]
§ 53-12-363. Abuse of Trustee’s Discretion
A court shall not change a trustee’s decision to exercise or not to exercise a discretionary power conferred by Code Section 53-12-361 or 53-12-362 unless it determines that the decision was an abuse of the trustee’s discretion. The decisions to which subsection (a) of this Code section applies include: A determination of whether and to […]
§ 53-12-364. Express Total Return Unitrusts
The following provisions shall apply to a trust which by its governing trust instrument requires the distribution at least annually of a unitrust amount equal to a fixed percentage of not less than 3 percent nor more than 5 percent per year of the net fair market value of the trust’s assets, valued at least […]
§ 53-12-380. Short Title
This article shall be known and may be cited as the “Georgia Principal and Income Act.” History. Code 1981, § 53-12-380 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-381. Definitions
As used in this article, the term: “Accounting period” means a calendar year unless another 12 month period is selected by a fiduciary. Such term includes a portion of a calendar year or other 12 month period that begins when an income interest begins or ends when an income interest ends. “Beneficiary” includes, in the […]
§ 53-12-390. Payment of Interest on Pecuniary Amount
If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends, and no interest is provided for by the terms of the trust, the pecuniary amount usually bears interest at the legal rate after the expiration of 12 months from the date the income interest terminates. The general […]
§ 53-12-391. Payment of Expenses
Expenses incurred in connection with the settlement of a decedent’s estate or the winding up of a terminating income interest, including interest and penalties concerning taxes, fees of attorneys and personal representatives and trustees, and court costs, may be charged against the principal or income in the discretion of the personal representative or trustee. History. […]
§ 53-12-400. When the Right to Income Begins and Ends
An income beneficiary shall be entitled to net income from the date on which the income interest begins. An income interest shall begin on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. An asset […]
§ 53-12-401. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins
A trustee shall allocate an income receipt or disbursement to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest. A trustee shall allocate an income receipt or disbursement to income if its […]