(a) As used in this Code section, the term "interested persons" means the trustee and all other persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court.
(b) Except as provided in subsection (c) of this Code section, the interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust.
(c) A nonjudicial settlement agreement:
(1) Shall be valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this Code or other applicable law; and
(2) Shall not be valid with respect to any modification or termination of a noncharitable irrevocable trust when the settlor's consent would be required in order to achieve a binding settlement, if such settlement were to be approved by a court.
(d) Any interested person may request the court approve a nonjudicial settlement agreement, determine whether the representation as provided in Code Section 53-12-8 was adequate, or determine whether such agreement contains terms and conditions the court could have properly approved.
(e) An agreement entered into in accordance with this Code section shall be final and binding on the interested persons as if ordered by a court with competent jurisdiction over the trust, the trust property, and the interested persons.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
