2021 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 (2021)
  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. A power over a trust if both:
      1. The trust instrument provides such power is held in a nonfiduciary capacity; and
      2. Such power is held in a nonfiduciary capacity to achieve the settlor's tax objectives.
  3. 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; Ga. L. 2021, p. 922, § 53/HB 497.)

The 2020 amendment, effective January 1, 2021, in paragraph (b)(5), inserted "both" and substituted "trust instrument provides" for "terms of the trust provide" and, in subsection (c), substituted "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" for "that is both a power of appointment and a power of direction shall be deemed".

The 2021 amendment, effective May 10, 2021, part of an Act to revise, modernize, and correct the Code, substituted "power is held" for "power must be held" in subparagraph (b)(5)(B).

Disclaimer: These codes may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.