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Georgia Statutes, Title 53

Georgia/Statutes

← All Georgia coverage

Title 53

13 chapters · 484 sections in this title.

All chapters in Title 53484 Ch 12, TRUSTS160 Ch 7, ADMINISTRATION OF ESTATES GENERALLY61 Ch 5, PROBATE54 Ch 4, WILLS49 Ch 6, ADMINISTRATORS AND PERSONAL REPRESEN…38 Ch 2, DESCENT AND DISTRIBUTION23 Ch 3, YEAR’S SUPPORT22 Ch 13, REVISED UNIFORM FIDUCIARY ACCESS TO …18 Ch 9, MISSING PERSONS AND PERSONS BELIEVED…17 Ch 1, GENERAL PROVISIONS14 Ch 8, INVESTMENTS, SALES, AND CONVEYANCES11 Ch 11, PROCEEDINGS IN PROBATE COURT11 Ch 10, SIMULTANEOUS DEATH6

484 sections·Filtered byTitle 53✕

O.C.G.A. § 53-12-157 Initial and annual returns
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Each trust created pursuant to this article shall make a return to the Secretary of State, upon the creation of the trust and annually thereafter, in the same manner and embracing the same information, insofar as applicable, as returns by corporations which are required to be mad…
O.C.G.A. § 53-12-158 How title vests on termination of estate
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Upon the termination of the estate created under Code Section 53-12-151, the legal title to all the property belonging to the estate which is then undisposed of shall pass to and vest in the persons who are, at that time, the beneﬁciaries of the estate, in shares corresponding to…
O.C.G.A. § 53-12-159 Merger of trust into a domestic corporation
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(a) Any trust created pursuant to this article may be merged into a domestic corporation for proﬁt organized under the laws of this state and subject to Title 14 if the deed creating the trust expressly authorizes the merger. (b) With respect to the required procedure for the mer…
O.C.G.A. § 53-12-170 Deﬁnition; charitable purposes
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(a) A charitable trust is a trust in which the settlor provides that the trust property shall be used exclusively for charitable purposes. (b) Charitable purposes shall include: (1) The relief of poverty; (2) The advancement of education; (3) The advancement of ethics and religio…

O.C.G.A. § 53-12-171 Power to select purposes or beneﬁciaries

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The settlor of a charitable trust may retain the power to select the charitable purposes or charitable beneﬁciaries, or may grant the trustee or any other person the power to select charitable purposes or charitable beneﬁciaries or to engage in the charitable purposes, without re…

O.C.G.A. § 53-12-172 Cy pres

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If a charitable trust or gift cannot be executed in the manner provided by the settlor or donor, the superior court shall exercise equitable powers in such a way as will as nearly as possible effectuate the intention of the settlor or donor. History. — Code 1981, § 53-12-172, ena…

O.C.G.A. § 53-12-173 Duration of charitable trusts

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A charitable trust shall be valid even though under the trust provisions it is to continue for an indeﬁnite or unlimited period. History. — Code 1981, § 53-12-173, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

O.C.G.A. § 53-12-174 Attorney general or district attorney as representative of charitable beneﬁciaries

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In all cases in which the rights of beneﬁciaries under a charitable trust are involved, the Attorney General or the district attorney of the circuit in which the major portion of trust property lies shall represent the interests of the beneﬁciaries and the interests of this state…

O.C.G.A. § 53-12-180 Automatic amendment of articles of incorporation of corporate private foundation

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Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-181, the articles of incorporation of any corporation which is a private foundation shall be amended automatically as of the later of the date of incorporation or January 1, 1972, t…

O.C.G.A. § 53-12-181 Amendment of articles of incorporation to exclude application of Code Section 53-12-180

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Any corporation which is a private foundation may amend its articles of incorporation expressly to exclude the application of Code Section 53-12-180 or any portion thereof in the manner provided by Article 10 of Chapter 2 of Title 14 or Article 8 of Chapter 3 of Title 14, whichev…

O.C.G.A. § 53-12-182 Effect of Code Sections 53-12-180 and 53-12-181 as to forfeiture or reversion of trust property

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Nothing contained in Code Sections 53-12-180 and 53-12-181 shall cause or be construed to cause a forfeiture or reversion of any of the property of a corporation which is subject to such Code sections. History. — Code 1981, § 53-12-182, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

O.C.G.A. § 53-12-183 Election of private foundation to distribute such property as will enable corporation to avoid tax liability

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With respect to property held by a corporation which is a private foundation and which is subject to conditions which permit distributions to the extent of the net income of the property each year but do not permit distributions of the property or any part thereof itself, the dir…

O.C.G.A. § 53-12-184 Effect of Code Sections 53-12-180 through 53-12-183 on powers of the courts or the Attorney General

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Nothing in Code Sections 53-12-180 through 53-12-183 shall impair the rights and powers of the courts or the Attorney General of this state with respect to any corporation. History. — Code 1981, § 53-12-184, enacted by Ga. L. 2010, p. 579, § 1/SB 131. PART 2 TRUSTS

O.C.G.A. § 53-12-190 Automatic amendment of governing instrument of private foundation trust, charitable trust, or split-interest trust

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Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-192, the governing trust instrument of any trust which is a private foundation, a charitable trust, as deﬁned in Section 4947(a)(1) of the federal Internal Revenue Code, or a split-…

O.C.G.A. § 53-12-191 Automatic amendment of governing instrument of private foundation trust or charitable trust as to distribution of trust funds

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Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-192, the governing trust instrument of any trust which is a private foundation or which is a charitable trust, as deﬁned in Section 4947(a)(1) of the federal Internal Revenue Code, …

O.C.G.A. § 53-12-192 Amendment of governing instrument of private foundation trust, charitable trust, or split-interest trust to exclude application of Code Section 53-12-190 or 53-12-191

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The trustees of any trust which is a private foundation, a charitable trust, as deﬁned in Section 4947(a)(1) of the federal Internal Revenue Code, or a split-interest trust, as deﬁned in Section 4947(a)(2) of the federal Internal Revenue Code, may, without judicial proceedings, a…

O.C.G.A. § 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

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(a) 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 n…

O.C.G.A. § 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

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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. — Co…

O.C.G.A. § 53-12-195 Effect of Code Sections 53-12-190 through 53-12-193 on powers of courts and Attorney General

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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. ARTICLE 11 TRUSTEES

O.C.G.A. § 53-12-200 Capacity of trustee

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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 require…

O.C.G.A. § 53-12-201 Appointment and vacancies

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(a) A settlor may appoint trustees or grant that power to others, including trust beneﬁciaries. (b) A trust shall never fail for want of a trustee. (c) If the trust instrument names a person to ﬁll a vacancy or provides a method of appointing a trustee, any vacancy shall be ﬁlled…

O.C.G.A. § 53-12-202 Acceptance

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(a) 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. (b) Except as otherwise provided in subsection (c) of this Code section, a per…

O.C.G.A. § 53-12-203 Trustee’s bond

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(a) A trustee shall not be required to give a bond to secure performance of the trustee’s duties unless: (1) The trust instrument requires a bond; or (2) A bond is found by the court to be necessary to protect the interests of beneﬁciaries or creditors of the trust, even though t…

O.C.G.A. § 53-12-204 Cotrustees generally

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The authority of cotrustees to act on behalf of the trust shall be as follows: (1) 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 ministe…

O.C.G.A. § 53-12-210 Compensation of trustee

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(a) 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 suc…

O.C.G.A. § 53-12-211 Compensation of cotrustees and successor trustees

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Unless any separate written agreement provides otherwise: (1) 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…

O.C.G.A. § 53-12-212 Extra compensation

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(a) 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 qu…

O.C.G.A. § 53-12-213 Reimbursement of expenses

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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.

O.C.G.A. § 53-12-214 Compensation from business enterprise

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(a) 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: (1) The services provided by the trustee…

O.C.G.A. § 53-12-220 Resignation of trustee

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(a) A trustee may resign: (1) In the manner and under the circumstances described in the trust instrument; (2) Upon at least 30 days’ written notice to the qualiﬁed beneﬁciaries, the settlor, if living, and all cotrustees; or (3) Upon a trustee’s petition to the court. (b) The pe…

O.C.G.A. § 53-12-221 Removal of trustee

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(a) A trustee may be removed: (1) In accordance with the provisions of the trust instrument; or (2) Upon petition to the court by any interested person showing good cause. (b) In the discretion of the court, in order to protect the trust property or the interests of any beneﬁciar…

O.C.G.A. § 53-12-230 Interim accounting

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(a) At any time following 12 months from the date of acceptance of a trust, but not more frequently than once every 12 months, a trustee may petition the court to approve an interim accounting relieving the trustee from liability for the period covered by the interim accounting. …

O.C.G.A. § 53-12-231 Final accounting

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(a) If the trustee resigns, is removed, or dies or upon the termination of the trust, a beneﬁciary or the successor trustee may petition the court to require the trustee or the trustee’s personal representative to appear before the court for a ﬁnal accounting. Alternatively, the …

O.C.G.A. § 53-12-232 Equitable accounting

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Nothing in this article shall restrict the right of any party to seek an equitable accounting. History. — Code 1981, § 53-12-232, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

O.C.G.A. § 53-12-240 Duties generally

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(a) 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. (b) Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its …

O.C.G.A. § 53-12-241 Duty of prudent administration

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(a) 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. (b) A trustee who in…

O.C.G.A. § 53-12-242 Duty to inform as to existence of trust

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(a) 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. (…

O.C.G.A. § 53-12-243 Duty to provide reports and accounts

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(a) 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 tru…

O.C.G.A. § 53-12-244 Duty to distribute income

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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.

O.C.G.A. § 53-12-245 No duty to investigate resources

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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.

O.C.G.A. § 53-12-246 Duty to avoid conﬂict of interest

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(a) A trustee shall administer the trust solely in the interests of the beneﬁciaries. (b) This Code section shall not preclude the following transactions, if fair to the beneﬁciaries: (1) An agreement between a trustee and a beneﬁciary relating to the appointment or compensation …

O.C.G.A. § 53-12-247 Duty of impartiality

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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…

O.C.G.A. § 53-12-260 Discretionary powers

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Notwithstanding the breadth of discretion granted to a trustee in the trust instrument, including the use of such terms as ‘‘absolute,’’ ‘‘sole,’’ or ‘‘uncontrolled,’’ the trustee shall exercise a discretionary power in good faith. History. — Code 1981, § 53-12-260, enacted by Ga…

O.C.G.A. § 53-12-261 Powers of trustee; limitation based on ﬁduciary duties

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(a) A trustee of an express trust, without court authorization, shall be authorized to exercise: (1) Powers conferred by the trust instrument; and (2) Except as limited by the trust instrument: (A) All powers over the trust property that an unmarried competent owner has over indi…

O.C.G.A. § 53-12-262 Powers of corporate ﬁduciaries

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A corporate ﬁduciary, without authorization by the court, may exercise the power: (1) To retain stock or other securities of its own issue received on the creation of the trust or later contributed to the trust, including the securities into which the securities originally receiv…

O.C.G.A. § 53-12-263 Incorporation of powers by reference

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(a) By an expressed intention of the testator or settlor contained in a will or in a trust instrument in writing whereby an express trust is created, any or all of the powers or any portion thereof enumerated in this part, as they exist at the time of the signing of the will by t…

O.C.G.A. § 53-12-264 Granting of powers by qualiﬁed beneﬁciaries

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The qualiﬁed beneﬁciaries of a trust that omits any of the powers in Code Section 53-12-261 may by unanimous consent authorize but not require the court to grant to the trustee those powers. History. — Code 1981, § 53-12-264, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 201…

O.C.G.A. § 53-12-270 Exercise of power by trustee who is also a beneﬁciary

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(a) Subject to subsection (c) of this Code section, and unless the trust provisions expressly indicate that a rule in this subsection shall not apply: (1) A person other than a settlor who is a beneﬁciary and trustee of a trust that confers on such trustee a power to make discret…

O.C.G.A. § 53-12-280 Certiﬁcation of trust by trustee

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(a) The trustee may present a certiﬁcation of trust to any person other than a beneﬁciary in lieu of providing a copy of the trust instrument to establish the existence of the trust provisions. (b) The certiﬁcation of trust provided for in subsection (a) of this Code section shal…

O.C.G.A. § 53-12-290 How securities to be registered by corporate trustee

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Whenever a bank or trust company is duly authorized to act and is acting as a ﬁduciary, which term shall include an executor, administrator, trustee, guardian, or conservator, and has a nominee in whose name securities, including, without limitation, bonds, stocks, notes, and oth…