§ 53-12-501 — Application of article; construction of trust instrument

Georgia § 53-12-501

• Jurisdiction: Georgia
• Title: 53

Text

(a) This article shall apply when the trust instrument evidences the settlor's intent to provide for the office and function of a trust director, regardless of the terms used to describe such office and functions. (b) This article shall not apply to: (1) A power of appointment; (2) A power to appoint or remove a trustee or trust director; (3) A power of a settlor to revoke the trust or amend the trust instrument; (4) A power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or a person represented by the beneficiary under Code Section 53-12-8 with respect to the exercise or nonexercise of the power; or (5) A power over a trust if both: (A) The trust instrument provides such power is held in a nonfiduciary capacity; and (B) Such power is held in a nonfiduciary capacity to achieve the settlor's tax objectives. (c) Except as otherwise provided in the trust instrument, for purposes of this Code section a power granted to a person to designate a recipient of an ownership interest in or power over trust property that is exercisable in a capacity other than as a trustee is a power of appointment and not a power of direction.

Legislative History

Amended by 2021 Ga. Laws 307,§ 53, eff. 5/10/2021. Amended by 2020 Ga. Laws 508,§ 1-88, eff. 1/1/2021. Added by 2018 Ga. Laws 366,§ 25, eff. 7/1/2018.