Legislative Tracker

HB 441: Trusts; establish qualified self-settled spendthrift trusts; provisions

Voted on Friday March 3, 2017

John Pezold's thoughts

HB 441 adds new code section for "spendthrift trusts" which are trusts created to prevent a beneficiary from spending all the funds in the trust by giving an independent trustee full authority to make financial decisions on behalf of the beneficiary.

In this bill, a settlor may prevent creditors from gaining access to the settlor's funds by transferring those assets to a qualified self-settled spendthrift trust, which is an irrevocable trust that includes a spendthrift provision that restrains creditors from reaching the funds while the settlor still retains a qualified interest in the trust.

More information on legis.ga.gov
Nay
John Pezold's Vote

Vote Totals

The table below breaks down the total number of votes, and marks the majority vote.

Voted Total % Majority Vote?
Yea 125 69.4% Majority Vote
Nay 37 20.6%
Did not vote 10 5.6%
Excused 8 4.4%