2019 Georgia Code
Title 53 - Wills, Trusts, and Administration of Estates
Chapter 12 - Trusts
Article 18 - Trust Directors
§ 53-12-501. Application of article; construction of trust instrument

Universal Citation: GA Code § 53-12-501 (2019)
  • (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:

      • (A) The terms of the trust provide such power is held in a nonfiduciary capacity; and

      • (B) Such power must be 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 that is both a power of appointment and a power of direction shall be deemed a power of appointment and not a power of direction.

History:

Code 1981, § 53-12-501, enacted by Ga. L. 2018, p. 262, § 25/HB 121.

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