Staff Analysis of the Legislation
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The content of HB 456 replaced the original language of HB 197. It amends Chapter 12 of Title 53 of the O.C.G.A., so as to establish qualified self-settled spendthrift trusts. If a settlor transfers assets to a qualified self-settled spendthrift trust, they shall notify, within 30 days, all known creditors of such transfer. If there is a vacancy in the position of the qualified trustee that occurs for any reason, and there is no other one designated by the trust or agreed upon by all qualified beneficiaries, the court may appoint one according to O.C.G.A § 53-12-62. The court may also appoint a person to the position of independent qualified trustee in the same manner and pursuant to O.C.G.A § 53-12-62. |