53-12-2. Definitions.

As used in this chapter, the term:

“Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the federal Internal Revenue Code of 1986.#

“Beneficiary” means a person for whose benefit property is held in trust, regardless of the nature of the interest, and includes any beneficiary, whether vested or contingent, born or unborn, ascertained or unascertained.#

1. (A)

   “Donor” means a person, including a testator, who contributes property to the trust, provided that:#

   1. (i)

      If another person makes a transfer of property to the trust, other than as a bona fide sale for an adequate and full consideration in money or money’s worth, for purposes of Sections 2036 through 2038 of the federal Internal Revenue Code, or if the value of the property held in the trust is included in the gross estate of another person under Chapter 11 of the federal Internal Revenue Code, then such other person shall be the donor; and#

   2. (ii)

      Notwithstanding division (i) of this subparagraph, if a person has the power to revoke the trust, such term means the person who has the power to revoke the trust.#

2. (B)

   If a trust has more than one donor, each such person is the donor of the portion of the trust attributable to the property of which such person is the donor.#

“Express trust” means a trust as described in Code Section 53-12-20.#

“Foreign entity” means:#

1. (A)

   Any financial institution whose deposits are federally insured which is organized or existing under the laws of any state of the United States, other than Georgia, or any subsidiary of such financial institution;#

2. (B)

   Any other corporation or limited liability company organized or existing under the laws of any state of the United States, other than Georgia, and chartered or licensed under the laws of such state; and#

3. (C)

   Any federally chartered financial institution whose deposits are federally insured having its principal place of business in any state of the United States, other than Georgia, or any subsidiary of such financial institution.#

“Implied trust” means a resulting trust as described in Code Section 53-12-130 or a constructive trust as described in Code Section 53-12-132.#

“Nonresident” means an individual who does not reside in Georgia.#

“Person” means an individual, corporation, partnership, association, joint-stock company, business trust, unincorporated organization, limited liability company, or other legal entity, including any of the foregoing acting as a fiduciary.#

“Private foundation” means a private foundation as defined in Section 509 of the federal Internal Revenue Code.#

“Property” means any type of property, whether real or personal, tangible or intangible, legal or equitable, and shall include digital assets and electronic communications, as such terms are defined in Code Section 53-13-2.#

1. (A)

   “Qualified beneficiary” means a living individual or other existing person who, on the date of determination of beneficiary status:#

   1. (i)

      Is a distributee or permissible distributee of trust income or principal;#

   2. (ii)

      Would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in division (i) of this subparagraph terminated on that date without causing the trust to terminate; or#

   3. (iii)

      Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.#

2. (B)

   With respect to a charitable trust as defined in Code Section 53-12-170, the Attorney General has the rights of a qualified beneficiary. With respect to any trust, including, but not limited to, a charitable trust, a charitable organization that is expressly designated as a distributee or permissible distributee of trust income or principal has the rights of a qualified beneficiary if, on the date of determination, such charitable organization is described in division (i), (ii), or (iii) of subparagraph (A) of this paragraph. With respect to a trust that is not a charitable trust and designates a class of unascertainable charitable beneficiaries as distributees or permissible distributees of trust income or principal, the Attorney General has the rights of a qualified beneficiary if, on the date of determination, such unascertainable charitable beneficiaries are described in division (i), (ii), or (iii) of subparagraph (A) of this paragraph. A person appointed to enforce a trust created for the care of an animal under Code Section 53-12-28 also has the rights of a qualified beneficiary.#

“Settlor” means the person who creates the trust, including a testator in the case of a testamentary trust.#

“Spendthrift provision” means a provision in a trust instrument that prohibits transfers of a beneficiary’s interest in the income or principal or both.#

“Trust” means an express trust or an implied trust but shall not include trusts created by statute or the Constitution of Georgia.#

“Trust instrument” means an instrument that contains the trust provisions. The trust instrument includes any trust provisions established, determined, or amended by a trustee or other person in accordance with the provisions of the trust, a court order, a nonjudicial settlement agreement under Code Section 53-12-9, or other applicable law.#

“Trust property” means property the legal title to which is held by the trustee. The term also includes choses in action, claims, and contract rights, including a contractual right to receive death benefits as the designated beneficiary under a policy of insurance, contract, employees’ trust, or other arrangement.#

“Trustee” means the person or persons holding legal title to the property in trust.#