To understand and evaluate the competing approaches concerning the use of nonjudicial settlement agreements, one must look to the Code sections themselves, the legislative history behind them and the intent of the authors of the revisions to the Trust Code.
The 2020 amendments (effective Jan. 1, 2021) to the Official Code of Georgia Annotated (O.C.G.A.), Title 53, Chapter 12, enabled estate planning practitioners in Georgia to more easily modify noncharitable irrevocable trusts, specifically through the use of nonjudicial settlement agreements (NJSAs). Although the new Code sections provide clarity on the use of NJSAs for trust modification, they also establish limitations on their use. Debate has ensued on the interpretation of these limitations with regard to NJSAs entered into during the settlor’s lifetime…
By: Madalyn Davis and Kristin Miller
