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Official Code of Georgia Annotated

Title 53. WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES · Chapter 12. TRUSTS · Article 13. TRUSTEES’ DUTIES AND POWERS · Part 1. DUTIES OF TRUSTEE

53-12-243. Duty to provide reports and accounts.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    On reasonable request by any qualified beneficiary, the trustee shall provide the qualified beneficiary with a report of information, to the extent relevant to that beneficiary’s interest, about the assets, liabilities, receipts, and disbursements of the trust, the acts of the trustee, and the particulars relating to the administration of such trust, including the trust provisions that describe or affect such beneficiary’s interest.#

  2. (b)
    1. (1)

      A trustee shall account at least annually, at the termination of the trust, and upon a change of trustees to each beneficiary of an irrevocable trust to whom income or principal is required or authorized in the trustee’s discretion to be distributed during the period covered by the report, including upon the termination of the trust on the last day of such period, and to any person who may revoke the trust. Upon a change of trustees, the trustee shall also account to the successor trustee.#

    2. (2)

      An accounting furnished to a beneficiary pursuant to paragraph (1) of this subsection shall contain a statement of receipts and disbursements of principal and income that have occurred during the last complete fiscal year of the trust or since the last accounting to that beneficiary and a statement of the assets and liabilities of the trust as of the end of the accounting period.#

  3. (c)

    A trustee shall not be required to report information or account to:#

    1. (1)

      A beneficiary who has waived in writing the right to a report or accounting and has not withdrawn that waiver; or#

    2. (2)

      The unascertainable charitable beneficiaries of a trust that is not a charitable trust.#

  4. (d)

    Subsections (a) and (b) of this Code section and the common law duty of the trustee to keep the beneficiaries of the trust reasonably informed of the trust and its administration shall not apply to the extent that the provisions of the trust provide otherwise or the settlor of the trust directs otherwise in a writing delivered to the trustee.#

  5. (e)

    Nothing in this Code section shall affect the power of a court to require or excuse an accounting.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 53-12-243, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2018, p. 262, § 19/HB 121; Ga. L. 2020, p. 377, § 1-83/HB 865; Ga. L. 2025, p. 806, § 81/HB 327, effective July 1, 2025.

Amendments

The 2025 amendment, effective July 1, 2025, in paragraph (b)(1), inserted “or principal” following “income” and substituted “during the period covered by the report, including upon the termination of the trust on the last day of such period” for “currently”, deleted the former second sentence, which read: “At the termination of the trust, the trustee shall also account to each remainder beneficiary.”; added the paragraph (c)(1) designation; added “; or” at the end of paragraph (c)(1); and added paragraph (c)(2).

Law reviews

For article with annual survey on wills, trusts, guardianships, and fiduciary administration, see 73 Mercer L. Rev. 281 (2021).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t52-t53-(v40)-pdf.pdf, Volume V40, 2021 edition, 2025 supplement, pages 109 to 110; merge action: replaced; file SHA-256 d9d2be0e71ce.