How Does Probate Law in Georgia Hold a Trustee Accountable in a Trust Fund?
- A trust fund has two key parts. The first is the legal document setting out what property will be held in the trust fund and how it will be distributed to recipients, known as beneficiaries. The second designates the trustee.
- A trustee has a fiduciary responsibility under the law regarding the property placed in the trust fund. In addition to maintaining assets and paying off liabilities, the trustee is responsible for distributing money and property to the beneficiaries. Under the Georgia Code, the trustee is directed to provide income beneficiaries with a statement of receipts and disbursements at least annually, with some trust fund documents providing for more frequent reports.
- The trustee must maintain accurate records of transactions so that sales, investments and distributions may be tracked. Under Georgia law, the beneficiaries are entitled to receive an accounting of these proceedings. If a beneficiary does not receive this information, or has reason to believe the trustee abused his position, then the beneficiary may take legal action to have the trustee removed.