El texto completo de esta guía está en inglés; el resumen anterior está en su idioma. Los resúmenes de las leyes y el inglés siguen siendo la fuente de referencia.
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The accounting at termination
At the termination of the trust the trustee accounts to each beneficiary to whom income or principal is required or authorized to be distributed during the period — including on the termination on the period's last day — and to any person who may revoke, with the receipts and disbursements of principal and income and the assets and liabilities at the period's end (O.C.G.A. § 53-12-243(b)). A beneficiary's written waiver, the instrument or the settlor's delivered writing may displace it (§ 53-12-243(c), (d)). When a mandatory income interest ends, the undistributed net income goes to the income beneficiary or the beneficiary's estate (§ 53-12-402).
Distribution after the settlor's death
On the death of the settlor of a trust that was revocable immediately before the death, the trustee may proceed to distribute the trust property in accordance with the trust provisions and is not liable for doing so unless the trustee knows of a pending contest or a potential contestant has given written notice and a proceeding is commenced within 60 days after it was sent; a contest is commenced within two years of the death; a beneficiary of a trust determined invalid returns the distribution (O.C.G.A. § 53-12-45). Georgia has no distribution-upon-termination section — no statutory reserve and no proposal-and-objection procedure — and the trust's property answers for the estate's creditors to the extent the probate estate is inadequate (§ 53-12-82).
The uneconomic trust
After notice to the qualified beneficiaries, the trustee of a trust whose property has a total value less than $100,000, or whose annual trustee's fee is 5 percent or more of the principal's market value as of the last day of the preceding accounting year, may terminate the trust on concluding that the value is insufficient to justify the cost of administration, and distributes the property consistently with the trust's purposes; the court may modify or terminate a trust or replace the trustee on the same finding (O.C.G.A. § 53-12-65).
The court's paths, and the final accounting
During the settlor's lifetime the court approves a modification or termination of an irrevocable trust the settlor and all qualified beneficiaries consent to; after the death, one all qualified beneficiaries consent to where the change is not inconsistent with a material purpose or continuance is not necessary to achieve one; and on petition the court may terminate a trust whose costs defeat its purposes, whose purpose is fulfilled, illegal or impossible, or whose continuance would impair its purposes, distributing to the current and vested remainder beneficiaries as the order specifies (O.C.G.A. § 53-12-61). A trustee may petition the court to approve a final accounting relieving the trustee from liability for the period, or a beneficiary or the successor may petition to require one (§ 53-12-231). A written report that adequately discloses a claim starts the two-year period of § 53-12-307.
Las leyes, textualmente
Duty to provide reports and accounts
O.C.G.A. § 53-12-243 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Limitation on action contesting validity of revocable trust
O.C.G.A. § 53-12-45 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Power to direct modification or termination; petition to modify or terminate irrevocable trust; proceeding to approve proposed modification or termination; distribution of trust property under order for termination; waiver of notice
O.C.G.A. § 53-12-61 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Modification or termination of uneconomic trust
O.C.G.A. § 53-12-65 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Preguntas frecuentes
Does a Georgia trustee have to hold back a reserve before distributing?
The Georgia Trust Code states no reserve rule and no distribution-upon-termination section; the trust's liability for the estate's creditors where the probate estate is inadequate (O.C.G.A. § 53-12-82) and the two-year contest period (§ 53-12-45) are what a trustee weighs with counsel before distributing.
Can a small Georgia trust be ended without court?
After notice to the qualified beneficiaries, the trustee of a trust worth less than $100,000, or whose annual fee is 5 percent or more of its value, may terminate it on concluding that the value is insufficient to justify the cost of administration (O.C.G.A. § 53-12-65).
Is a final accounting required in court when a Georgia trust ends?
Not by routine; the trustee may petition the court to approve a final accounting relieving the trustee from liability for the period, and a beneficiary or the successor may petition to require one (O.C.G.A. § 53-12-231).
Lecturas relacionadas
El Centro de Aprendizaje es información general sobre la ley de Georgia — no es asesoría legal ni sustituye el consejo de un abogado de Georgia con licencia sobre sus hechos específicos. TrusteeClear es software, no un bufete.