Syfert Injury Law Firm

Your Trusted Partner in Personal Injury & Workers' Compensation

Call Now: 904-383-7448

2018 Georgia Code 53-12-241 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 53-12-241 Case Law from Google Scholar Amendments to OCGA 53-12-241

TITLE 53 WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES

Section 12. (Revised Trust Code of 2010) Trusts, 53-12-1 through 53-12-506.

ARTICLE 13 TRUSTEES' DUTIES AND POWERS

53-12-241. Duty of prudent administration.

In administering a trust, the trustee shall exercise the judgment and care of a prudent person acting in a like capacity and familiar with such matters, considering the purposes, provisions, distribution requirements, and other circumstances of the trust.

(Code 1981, §53-12-241, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)

JUDICIAL DECISIONS

Trustee's powers did not entitle trustee to ignore purpose of trust of commit waste.

- Trial court erred in concluding that a widow's considerable powers of control over two trusts entitled her to summary judgment on two of the children's/beneficiaries' claims against the trust created for the purpose of supporting them during their lifetimes; she was required to diligently and in good faith ascertain whether they required support, and her powers over the assets did not entitle her to commit waste. Peterson v. Peterson, 303 Ga. 211, 811 S.E.2d 309 (2018).

Breach of trust properly found.

- Trial court correctly ruled that a trustee breached the trustee's duty to faithfully administer a marital trust, and the trustee's alleged reliance on professional advice would not shield the trustee from potential liability for such breach of trust because under the plain language of the will, the trustee overreached the nar- rowly-tailored power to encroach upon the principal of the trust only for purposes related to the widow's welfare, not for a gift to a university. Hasty v. Castleberry, 293 Ga. 727, 749 S.E.2d 676 (2013).

Jury question as to whether duty breached.

- Jury question was presented as to whether two trustees of their children's trusts acted against the interests of the beneficiaries (their children) in bad faith by amending a partnership agreement to concentrate all voting power in themselves to the exclusion of the beneficiaries, who otherwise would have become partners when they turned 45. Likewise, the trustees as partners owed duties to the trusts as partners in the partnership. Rollins v. Rollins, 338 Ga. App. 308, 790 S.E.2d 157 (2016).

Cases Citing O.C.G.A. § 53-12-241

Total Results: 4  |  Sort by: Relevance  |  Newest First

Copy

Hasty v. Castleberry, 293 Ga. 727 (Ga. 2013).

Cited 12 times | Published | Supreme Court of Georgia | Oct 7, 2013 | 749 S.E.2d 676, 2013 Fulton County D. Rep. 3065

...As explained more fully below, because *733William’s actions were not authorized under the terms of the controlling Trust documents, the trial court properly granted summary judgment to Joan. As an initial matter, a trustee has a duty to administer a trust in accordance with its terms and purposes. OCGA § 53-12-241; see also Restatement (Third) of Trusts § 76 (2007) (“The trustee has a duty to administer the trust, diligently and in good faith, in accordance with the terms of the trust and applicable law.”); Restatement (Third) of Trusts § 76...
Copy

Peterson v. Peterson, 303 Ga. 211 (Ga. 2018).

Cited 11 times | Published | Supreme Court of Georgia | Mar 5, 2018

...trust law is that the intention of the settlor is to be followed.” Rollins v. Rollins, 294 Ga. 711, 714 (755 SE2d 727) (2014). Moreover, [a] trustee has a duty to administer a trust in accordance with its terms and purposes. OCGA § 53-12-241; see also Restatement (Third) of Trusts § 76 (2007) (“The trustee has a duty to administer 3 The superior court also found as a matter of fact that David had resigned as a trustee in 1996, leaving only three trustees to administer the trusts....
...In addition, as trustees, Mary and Calhoun had the duty to “exercise the degree of care and skill as a person of ordinary prudence would exercise in administering the trust.” Citizens & Southern Nat. Bank v. Haskins, 254 Ga. 131, 134 (327 SE2d 192) (1985). Accord OCGA § 53-12-241 (“In administering a trust, the trustee shall exercise the judgment and care of a prudent person acting in a like capacity and familiar with such matters, considering the purposes, provisions, distribution requirements, and other c...
Copy

Peterson v. Peterson, 811 S.E.2d 309 (Ga. 2018).

Cited 11 times | Published | Supreme Court of Georgia | Mar 5, 2018

...To begin, we note that "the cardinal rule in trust law is that the intention of the *313settlor is to be followed." Rollins v. Rollins , 294 Ga. 711, 714, 755 S.E.2d 727 (2014). Moreover, [a] trustee has a duty to administer a trust in accordance with its terms and purposes. OCGA § 53-12-241 ; see also Restatement (Third) of Trusts § 76 (2007) ("The trustee has a duty to administer the trust, diligently and in good faith, in accordance with the terms of the trust and applicable law."); Restatement (Third) of Trusts § 73, c...
...In addition, as trustees, Mary and Calhoun had the duty to "exercise the degree of care and skill as a person of ordinary prudence would exercise in administering the trust." Citizens & Southern Nat. Bank v. Haskins , 254 Ga. 131, 134, 327 S.E.2d 192 (1985). Accord OCGA § 53-12-241 ("In administering a trust, the trustee shall exercise the judgment and care of a prudent person acting in a like capacity and familiar with such matters, considering the purposes, provisions, distribution requirements, and other circums...
Copy

Rollins v. Rollins, 298 Ga. 161 (Ga. 2015).

Cited 1 times | Published | Supreme Court of Georgia | Nov 23, 2015 | 780 S.E.2d 328

...at 714 (2) (citing Griffith v. First Nat. Bank & Trust Co., 249 Ga. 143, 146 (287 SE2d 526) (1982)). A trustee is required to administer the trust “in good faith, in accordance with its provisions and purposes.” OCGA § 53-12-240 (b). See also OCGA § 53-12-241 (“[T]he trustee shall exercise the judgment and care of a prudent person acting in a like capacity and familiar with such matters, considering the purposes, provisions, distribution requirements, and other circumstances of the trust...