Bill > HB121

This bill makes several changes to Georgia's trust laws: 1. It extends the allowable time period for nonvested property interests or powers of appointment from 90 years to 360 years. 2. It clarifies the rules for representation of minor, unborn, incapacitated, or unknown beneficiaries, allowing parents, conservators, guardians, agents, trustees, and others to represent and bind such beneficiaries in certain circumstances. 3. It authorizes nonjudicial settlement agreements between interested parties regarding trust matters, with some limitations. 4. It modifies the rules for distribution of trust assets to another trust, allowing trustees to exercise discretion to transfer assets to a second trust in certain circumstances. 5. It increases the threshold for termination of uneconomic trusts from $50,000 to $100,000 in total trust value or a trustee's annual fee exceeding 5% of the trust's principal assets. 6. It provides new provisions regarding the role and duties of "trust directors" who are granted certain powers over the trust, as well as the obligations of "directed trustees" who must follow the directions of the trust director.