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Georgia Living Trust Form (Revocable)

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Georgia Living Trust Form (Revocable)

Updated March 18, 2024

A Georgia living trust is a legal form used to dictate how an individual’s personal assets will be distributed after they die. Unlike with a will, the items placed in a living trust are not subject to the probate process, and the grantor of a revocable trust can act as their own trustee. Upon the grantor’s death, the assets immediately pass to the beneficiaries.

Requirements (5)

  1. Intention: The grantor must have the intention of creating a trust.
  2. Trust Property: There must be property to be held in the trust.
  3. Beneficiary: The trust must have an identifiable beneficiary, unless it is a charitable trust or a trust intended for the care of an animal.
  4. Trustee: There must be an identifiable trustee.
  5. Trustee’s Duties: The trustee must have specific duties to perform.[1]

Laws

Amending/Revoking – Any modification or revocation of a trust must be done in writing and signed by the grantor.[2]

Bond Requirement – The terms of the trust may require that the trustee give a bond. The court may also find that a bond is necessary to protect the interests of the beneficiaries. Otherwise, the trustee is not required to put forward a bond.[3]

Certification of Trust – A certification of trust may be used to confirm the existence of the trust and its provisions in lieu of a copy of the trust instrument. The certification must be signed by each trustee.[4]

Co-Trustees – Co-trustees must act unanimously. However, if a co-trustee is temporarily incapacitated, the remaining trustee or trustees may act without that trustee if such action is necessary for administering the trust.[5]

Contesting a Trust – Any judicial proceeding to contest the validity of a trust must be initiated within two years of the grantor’s death.[6]

Costs Related to the Trust – A trustee is entitled to be reimbursed for reasonable expenses related to the administration of the trust.[7]

Jurisdiction – The validity of a trust is determined by the laws of the jurisdiction that is designated in the trust instrument. If the instrument does not designate a jurisdiction, then the trust is subject to whatever jurisdiction has the most significant relationship to the matter at issue.[8]

Oral Trusts – Oral trusts are not recognized by the State of Georgia; a trust must be declared in writing in order to be valid.[9]

Pet Trusts – A trust can be established to provide for the care of one or animals that are alive during the grantor’s lifetime. The trust terminates after the death of the last living animal.[10]

Signing Requirements – A trust must be established in writing and signed by the grantor.[9]

Spendthrift Provision – A spendthrift provision is only valid if it prohibits both the voluntary and involuntary transfer of interest.[11]

Trustee’s Compensation – If the trustee’s compensation is not established in the terms of the trust or in a separate written agreement between the trustee and the grantor, their compensation may be decided by an agreement between the trustee and the beneficiaries.[12] The compensation to which an individual trustee is entitled depends on the value of the assets in the trust.

Trustee’s Duties – The trustee has a duty to prudently administer a trust in good faith and in alignment with its intended purpose.[13]

Trustee’s Powers – The trustee is empowered to acquire, hold, and transfer title to property under Georgia law.[14]

Sources

  1. § 53-12-20(b)
  2. § 53-12-40(c)
  3. § 53-12-203(a)
  4. § 53-12-280
  5. § 53-12-204
  6. § 53-12-45(a)
  7. § 53-12-213
  8. § 53-12-4(b)
  9. § 53-12-20(a)
  10. § 53-12-28(a)
  11. § 53-12-80(a)
  12. § 53-12-210
  13. § 53-12-240(b)
  14. § 53-12-200