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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 9872
Experience:  30 years of corporate, litigation and international law
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I am preparing to close trust and trust is underfunded

Customer Question

I am preparing to close trust and trust is underfunded without sufficient assets to pay beneficiaries California civil code states when liabilities exceed assets beneficiaries do not get paid. Does Georgia have a similar statue and if so what is the exact code or statue number
Submitted: 11 months ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 11 months ago.

Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

I did not see a similar statute for trusts. HOwever, under GA probate law, the personal representative is obligated to pay debts before making any payments to beneficiaries. The same rule would apply to the trustee of a trust where the assets were insufficient to pay debts and all the bequests to beneficiaries. Here is an article that explains this responsibility on the part of a personal representative. https://www.gaprobate.org/reps_duties.php

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Expert:  Richard - Bizlaw replied 11 months ago.

If I have answered all your questions, please positively rate my answer as that is how I get credit.