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Core duties · 6 мин чтения
The standard of care
In administering a trust, the trustee exercises 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 (O.C.G.A. § 53-12-241(a)); a trustee who invests and manages trust assets complies with the prudent investor rule of Article 16 (§ 53-12-241(b)). A trustee exercises a discretionary power in good faith however broad the instrument's grant (§ 53-12-260), a rule the instrument cannot vary (§ 53-12-7).
The prudent investor rule
A trustee invests and manages trust assets as a prudent investor would, considering the purposes, provisions, distribution requirements and other circumstances of the trust, with reasonable care, skill and caution; decisions about individual assets are evaluated in the context of the portfolio as a whole and an overall strategy with risk and return objectives reasonably suited to the trust (O.C.G.A. § 53-12-340). The factors include general economic conditions, inflation, tax consequences, the expected return from income and appreciation, needs for liquidity and preservation of capital, an asset's special relationship to the trust's purposes, and the trust's duration. The trustee reasonably manages the risk of concentrated holdings by diversifying or by other appropriate mechanisms, except where special circumstances make the trust's purposes better served without it or the instrument limits the duty (§ 53-12-341). Compliance is judged by the facts at the time of the decision, not by hindsight (§ 53-12-343).
The review at the start
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee reviews the trust assets and makes and implements decisions concerning their retention and disposition, to bring the portfolio into compliance with the trust's purposes, provisions, distribution requirements and circumstances and with the investment article (O.C.G.A. § 53-12-342). Georgia states no number of days.
Loyalty and impartiality
A trustee administers the trust solely in the interests of the beneficiaries; an agreement with a beneficiary on the trustee's appointment or compensation, reasonable compensation, and reasonable compensation for managerial services to an enterprise the trust owns an interest in are not precluded if fair to the beneficiaries (O.C.G.A. § 53-12-246). Except where the instrument clearly manifests an intention to favor one or more beneficiaries, a trustee administers the trust impartially, based on what is fair and reasonable to all of them and with due regard to income and remainder interests (§ 53-12-247). A trustee who is also a beneficiary makes discretionary distributions to themselves only under an ascertainable standard (§ 53-12-270).
Законы, дословно
Duty of prudent administration
O.C.G.A. § 53-12-241 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to avoid conflict of interest
O.C.G.A. § 53-12-246 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Investment standard
O.C.G.A. § 53-12-340 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duties at inception of trusteeship
O.C.G.A. § 53-12-342 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Does a Georgia trustee have to diversify?
The trustee reasonably manages the risk of concentrated holdings by diversifying or by other appropriate mechanisms, except where the trustee reasonably determines that special circumstances make the trust's purposes better served without it, and the trustee is not liable to the extent the instrument limits or waives the duty (O.C.G.A. § 53-12-341).
Is a Georgia trustee liable for investment losses?
Compliance with the investment rules is determined in light of the facts and circumstances at the time of the decision, not by hindsight (O.C.G.A. § 53-12-343); a loss is not itself a breach. A breach of trust is the violation of a duty (§ 53-12-300), and its damages are § 53-12-302's.
How soon after accepting must a Georgia trustee review the investments?
Within a reasonable time after accepting the trusteeship or receiving trust assets (O.C.G.A. § 53-12-342); the statute sets no number of days.
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