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GA SB302
Bill
Status
3/24/2010
Primary Sponsor
John Crosby
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AI Summary
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Requires a trustee to notify the district attorney of the circuit where the trust assets are located if no distribution in furtherance of the trust's stated purpose has been made within 10 years of the trust's creation or within 5 years of the most recent such distribution
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District attorney must review the trust agreement, expenditures, administrative expenses charged against the corpus, and all relevant factors to determine whether the trust's intent is being furthered
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If the district attorney determines the trust's intent is not being furthered and is not likely to be accomplished, he or she must file a petition in superior court to reform the trust
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Trustee and all known beneficiaries must be served with notice of the petition and may become parties to the action
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If the court finds the trust's intent is not being furthered, it must declare the trust dormant and issue a binding order reforming the trust to further the original intent as closely as possible
Legislative Description
Wills, Trusts, & Admin. of Estates; provide when no distribution has been made from a trust within certain time, notify district attorney of circuit
Last Action
House Second Readers
3/30/2010