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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 Georgia Code 53-12-241 From Courtlistener.com

Total Results: 3

Peterson v. Peterson

Court: Supreme Court of Georgia | Date Filed: 2018-03-05

Citation: 811 S.E.2d 309

Snippet: accordance with its terms and purposes. OCGA § 53-12-241 ; see also Restatement (Third) of Trusts § 76

Rollins v. Rollins

Court: Supreme Court of Georgia | Date Filed: 2015-11-23

Citation: 298 Ga. 161, 780 S.E.2d 328, 2015 Ga. LEXIS 904

Snippet: purposes.” OCGA § 53-12-240 (b). See alsoOCGA § 53-12-241 (“[T]he trustee shall exercise the judgment and

Hasty v. Castleberry

Court: Supreme Court of Georgia | Date Filed: 2013-10-07

Citation: 293 Ga. 727, 749 S.E.2d 676, 2013 Fulton County D. Rep. 3065, 2013 WL 5508555, 2013 Ga. LEXIS 788

Snippet: accordance with its terms and purposes. OCGA § 53-12-241; see also Restatement (Third) of Trusts § 76 (2007)