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Working with others · 5 хв читання
Delegating investment and management functions
A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances, exercising reasonable care, skill and caution in selecting the agent, establishing the scope and terms of the delegation consistent with the trust's purposes and provisions, and reviewing the agent's actions periodically to monitor performance and compliance (O.C.G.A. § 53-12-345(a)). The agent owes the trust a duty of reasonable care to comply with the terms of the delegation (§ 53-12-345(b)); a trustee who complies, and who takes reasonable steps to compel an agent to redress a breach, is not liable for the agent's decisions (§ 53-12-345(c)); by accepting the delegation an agent submits to Georgia's jurisdiction (§ 53-12-345(d)).
Employing professionals, and the limits
Among the enumerated powers, a trustee may employ and compensate attorneys, auditors, investment advisers and other agents (O.C.G.A. § 53-12-261), and reasonable expenses properly incurred are reimbursed (§ 53-12-213). The office itself is not delegable: among cotrustees only ministerial acts may be delegated (§ 53-12-204(1)), and a trustee who improperly delegates the administration to a cotrustee answers for the cotrustee's breach (§ 53-12-305). A trustee employing an agent still exercises discretion in good faith (§ 53-12-260) and remains the one who accounts (§ 53-12-243).
The directed trust
Where the instrument grants a trust director a power of direction over investments, distributions or administration, the directed trustee takes reasonable action to comply with the director's exercise or nonexercise of the power and is not liable for it, unless compliance would clearly constitute an act committed in bad faith (O.C.G.A. § 53-12-504(a)). Except as the instrument provides, the trustee has no duty to monitor, investigate or advise the director, to provide information beyond the statute's, or to compel the director (§ 53-12-504(f)); the director has the fiduciary duty and liability of a trustee in a like position (§ 53-12-503).
Dealing with third parties
A bank, a custodian or a buyer may ask for a certification of trust in lieu of the instrument — the trust's existence and date, each settlor, each current trustee and how many must act, the relevant powers and their limits, revocability and how property is titled, signed by each trustee (O.C.G.A. § 53-12-280). A person who relies on it without knowledge that it is incorrect is protected; a custodian of digital assets discloses to a trustee on the showing §§ 53-13-18 and 53-13-19 describe, with a certification of trust among the documents it may ask for.
Закони, дослівно
Powers of trustee; limitation based on fiduciary duties
O.C.G.A. § 53-12-261 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Certification of trust by trustee
O.C.G.A. § 53-12-280 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Delegation
O.C.G.A. § 53-12-345 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Directed trustees; role; trustee’s duty as to directed trustee; petitioning court for instructions
O.C.G.A. § 53-12-504 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Поширені запитання
Can a Georgia trustee hire an investment adviser?
Yes — investment and management functions a prudent trustee of comparable skills could properly delegate, with reasonable care in selecting the adviser, setting the terms and reviewing the adviser's actions periodically (O.C.G.A. § 53-12-345).
Is a Georgia trustee liable for an agent's mistakes?
A trustee who complied with § 53-12-345(a)'s care and takes reasonable steps to compel the agent to redress a breach is not liable for the agent's decisions or actions (O.C.G.A. § 53-12-345(c)).
Can a Georgia trustee delegate the whole job to a cotrustee?
No — only ministerial acts may be delegated among cotrustees (O.C.G.A. § 53-12-204(1)), and improperly delegating the administration to a cotrustee is one of the grounds of liability for the cotrustee's breach (§ 53-12-305).
За темою
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