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Call Now: 904-383-7448Except to the extent that the governing trust instrument clearly manifests an intention that the trustee shall or may favor one or more of the beneficiaries, a trustee shall administer a trust impartially based on what is fair and reasonable to all of the beneficiaries and with due regard to the respective interests of income beneficiaries and remainder beneficiaries.
(Code 1981, §53-12-247, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
- 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).
- For annual survey on wills, trusts, guardianships, and fiduciary administration, see 66 Mercer L. Rev. 231 (2014).
This article preserves a collection of statutory powers formerly codified in Title 53, Chapter 13, Article 2 (OCGA § 53-13-50 et seq. ). Virtually all trusts either include extensive express powers or incorporate by reference the powers set forth in Article 11, supra. The powers set forth in this chapter are relevant only to those rare trusts that fail to do so.
No results found for Georgia Code 53-12-247.