2006 Georgia Code - 53-12-22.1

53-12-22.1. (a) This Code section shall apply only with respect to a trust that has or will have as its initial corpus a policy or policies of life insurance insuring the life of the settlor. (b) A trust subject to this Code section may be created by oral agreement of the settlor and the trustee if such oral agreement is evidenced by one or more contemporaneously executed documents dated and signed by the settlor which evidence: (1) The identity of the settlor; (2) The identity of the trustee; (3) The identity or identities of the beneficiaries and the beneficial shares of the beneficiaries where more than one; (4) The general nature of the policy or policies of insurance which do or will constitute the initial corpus of the trust; and (5) Whether the trust is revocable or irrevocable. (c) A trust created pursuant to this Code section shall terminate six months after its creation unless sooner terminated by the settlor.

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