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GA HB1047
Bill
Status
Introduced
2/26/2020
Primary Sponsor
James Hatchett
Click for details
AI Summary
- Defines "noncharitable trust" as a trust in which no more than 5 percent of its value is owned by charitable organizations
- Retains existing requirements that a court shall approve modification or termination of a noncharitable irrevocable trust after the settlor's death if all beneficiaries consent, the trustee is notified, and the court finds the action is consistent with the trust's material purposes
- Prohibits any court-approved modification from increasing duties or liabilities, decreasing compensation, or otherwise affecting the rights and obligations of the trustee without the trustee's consent or a hearing with good cause shown
- Preserves all other provisions of the trust code, including any existing requirements that a petition be granted only for good cause shown
- Becomes effective immediately upon the Governor's approval or upon becoming law without such approval
Legislative Description
Trusts; modifying or terminating a noncharitable irrevocable trust; revise certain requirements
Last Action
House Second Readers
2/28/2020
Full Bill Text
No bill text available