O.C.G.A.
O.C.G.A.

O.C.G.A. § 53-12-242 (2019)

Duty to inform as to existence of trust

✓ O.C.G.A. (archive.org 2024 item): print volumes of 2004-2024, per-volume vintage; older volumes partly replaced by 2019 Release 73 text; no 2025 or 2026 Acts
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) Within 60 days after the date of creation of an irrevocable trust or of the date on which a revocable trust becomes irrevocable, the trustee shall notify the qualified beneficiaries of such trust of the existence of such trust and the name and mailing address of such trustee.

(b) All irrevocable trusts in existence on July 1, 2010, shall be deemed to have waived this provision unless the trust instrument says otherwise.

History

Code 1981, § 53-12-242, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2018, p. 262, § 18/HB 121.

Annotations

The 2018 amendment, effective July 1, 2018, in subsection (a), in the first sentence, substituted "such trust" for "the trust" twice, and substituted "such trustee" for "the trustee" near the end, and deleted the former second sentence, which read: "In full satisfaction of this obligation, the trustee may deliver the notice to the guardian or conservator of any beneficiary who is not sui juris."

Code Commission notes. - Pursuant to Code Section 28-9-5, in 2010, "in existence on July 1, 2010," was substituted for "in existence on the effective date of this part" in subsection (b).

Law reviews. - For article on the 2018 amendment of this Code section, see 35 Ga. St. U. L. Rev. 219 (2018).