Express Trusts

  1. Law
  2. Georgia Code
  3. Wills, Trusts, and Administration of Estates
  4. Trusts
  5. Creation and Validity of Express Trusts
  6. Express Trusts

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  1. Except as provided in subsection (d) of this Code section, an express trust shall be created or declared in writing and signed by the settlor or an agent for the settlor acting under a power of attorney containing express authorization.
  2. An express trust shall have, ascertainable with reasonable certainty:
    1. An intention by a settlor to create such trust;
    2. Trust property;
    3. Except for charitable trusts or a trust for care of an animal, a beneficiary who is reasonably ascertainable at the time of the creation of such trust or reasonably ascertainable within the period of the rule against perpetuities;
    4. A trustee; and
    5. Trustee duties specified in writing or provided by law.
  3. The requirement that a trust have a reasonably ascertainable beneficiary shall be satisfied if under the trust instrument the trustee or some other person has the power to select the beneficiaries based on a standard or in the discretion of the trustee or other person.
  4. In the case of a trust created pursuant to 42 U.S.C. Section 1396p(d)(4)(B) by an agent acting for the settlor, the power of attorney need not contain an express authorization to create or declare a trust.

(Code 1981, §53-12-20, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 551, § 9/SB 134.)

The 2011 amendment, effective May 12, 2011, in subsection (a), added the exception at the beginning and substituted "an express" for "An express"; inserted "or a trust for care of an animal" in paragraph (b)(3); and added subsection (d).

RESEARCH REFERENCES

Am. Jur. 2d.

- 76 Am. Jur. 2d, Trusts, § 17.

C.J.S.

- 90 C.J.S., Trusts, § 42.

ALR.

- Construction and application of provision in trust instrument relating to amendment or modification, 128 A.L.R. 1173.

Attorney as trustee for purpose of running of statute of limitations against claim for money or property received or collected by him, 151 A.L.R. 1388.


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