Ga. Code § 53-12-501 : WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES — REVISED GEORGIA TRUST CODE OF 2010 — TRUST DIRECTOR —12-501 - Application of article; construction of trust instrument

(a) This article shall apply when the trust instrument evidences the settlor's intent to provide for the office and function of a trust director, regardless of the terms used to describe such office and functions.
(b) This article shall not apply to:
(1) A power of appointment;
(2) A power to appoint or remove a trustee or trust director;
(3) A power of a settlor to revoke the trust or amend the trust instrument;
(4) A power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or a person represented by the beneficiary under Code Section 53-12-8 with respect to the exercise or nonexercise of the power; or
(5) A power over a trust if both:
(A) The trust instrument provides such power is held in a nonfiduciary capacity; and
(B) Such power is held in a nonfiduciary capacity to achieve the settlor's tax objectives.
(c) Except as otherwise provided in the trust instrument, for purposes of this Code section a power granted to a person to designate a recipient of an ownership interest in or power over trust property that is exercisable in a capacity other than as a trustee is a power of appointment and not a power of direction.

OCGA § 53-12-501

Amended by 2021 Ga. Laws 307,§ 53, eff. 5/10/2021.
Amended by 2020 Ga. Laws 508,§ 1-88, eff. 1/1/2021.
Added by 2018 Ga. Laws 366,§ 25, eff. 7/1/2018.
SECTIONS