2020 Georgia Code
Title 53 - Wills, Trusts, and Administration of Estates
Chapter 12 - Trusts
Article 18 - Trust Directors
§ 53-12-501. (For Effective Date, See note.) Application of Article; Construction of Trust Instrument

Universal Citation: GA Code § 53-12-501 (2020)
  1. 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.
  2. 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. (For effective date, see note.) A power over a trust if both:
      1. The trust instrument provides such power is held in a nonfiduciary capacity; and
      2. Such power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives.
  3. (For effective date, see note.) 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.

(Code 1981, §53-12-501, enacted by Ga. L. 2018, p. 262, § 25/HB 121; Ga. L. 2020, p. 377, § 1-88/HB 865.)

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