The proper administration of a Trust in Georgia is just as important as the effective creation of the document. Without proper administration, the Trust may cease to serve its purpose, and the property that sits in Trust may lose value.
This can have devastating consequences for all involved parties. The Trustee may face personal liability for their failure to adequately serve in their role. Additionally, the Beneficiaries of the Trust may not receive the assets that they require for the future.
Speaking with a Georgia Trust administration lawyer can put your mind at ease. Our experienced attorneys at Nelson Elder Care Law can provide more information about the role of Trustees in the administration of a Trust and help you perform this job to the satisfaction of the law.
It is impossible to understate the importance that a Trustee plays in the effectiveness of Trusts as a part of an Estate Plan. For this reason, the creator of a Trust must nominate a person or organization to serve in this role. Ideally, this will be a party with experience administering to Trusts as well as the willingness to serve in this role. The Official Code of Georgia Annotated § 53-12-200 states that any adult can perform this service, but our Georgia attorneys can help you choose Trustees with the greatest chance of serving with success.
In fact, the obligation to serve in this role with competence is a matter of state law. O.C.G.A. § 53-12-240 states that all Trustees must act in good faith. In short, this means that the Trustee must act reasonably to conform to the purpose of a Trust and must not act for personal gain.
As stated above, Trustees have a duty under the law to act in good faith in their administrations of Trusts. But what happens if they fail in that duty? Perhaps the most direct consequence is a court removing that party as Trustee. Either you or a Beneficiary could petition a court to evaluate the actions of a Trustee to determine if they should remain in control of the Trust.
However, the problems for the Trustee may not end there. Trustees can be personally liable for any financial damage that impacts the Trust or the Beneficiaries. For example, if a Trustee knowingly places Trust property into risky investments that lose value, the Trustee is likely liable for the difference in value. Our Trust administration lawyers in Georgia could help to investigate whether a violation of duty by a Trustee has occurred and help you seek out appropriate remedies.
Proper Trust administration is a vital part of Estate Planning. Trustees have a duty under the law to act in good faith towards the Trust and to act in the sole interest of that entity. Failures to do so could result in severe consequences.
A Georgia Trust administration lawyer at our firm could help you select Trustees most likely to perform their roles according to the requirements of law. Our team could also help to evaluate the actions of Trustees to determine if they have been above board. Finally, we could work with Trustees to help them best serve their roles under the law. Reach out to Nelson Elder Care Law today to learn more.
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