Georgia 2023-2024 Regular Session

Georgia House Bill HB91 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	23 LC 44 2171~~/AP~~
	1	+	23 LC 44 2171
2	2		H. B. 91
3	3		- 1 -
4		-	House Bill 91 ~~(AS PASSED HOUSE AND SENATE)~~
	4	+	House Bill 91
5	5		By: Representatives Wade of the 9
6	6		th
7	7		, Scoggins of the 14
8	8		th
9	9		, Gunter of the 8
10	10		th
11	11		, Smith of the 18
12	12		th
13	13		,
14	14		Leverett of the 123
15	15		rd
16	16		, and others
17	17		A BILL TO BE ENTITLED
18	18		AN ACT
19	19		To amend Chapter 5 of Title 53 of the Official Code of Georgia Annotated, relating to
20	20		1
21	21		probate, so as to require personal representatives to send notices to beneficiaries regarding2
22	22		the issuance of letters testamentary or letters of administration; to provide for revocation of3
23	23		such letters as to personal representatives who fail to comply; to provide for trust beneficiary4
24	24		representation; to provide for a definition; to revise a definition regarding Uniform Transfer5
25	25		on Death Security Registration; to provide for related matters; to repeal conflicting laws; and6
26	26		for other purposes.7
27	27		BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:8
28	28		SECTION 1.9
29	29		Chapter 5 of Title 53 of the Official Code of Georgia Annotated, relating to probate, is10
30	30		amended by adding a new Code section to read as follows:11
31	31		"53-5-8.
32	32		12
33	33		(a) As used in this Code section, the term 'beneficiary' means a person, including a trust,13
34	34		that is designated in a will to take an interest in real or personal property; that has a present14
35	35		interest, including, but not limited to, a vested remainder interest, but not including a trust15
36		-	beneficiary where there is a trustee who is not also the personal representative required to16 23 LC 44 2171~~/AP~~
	36	+	beneficiary where there is a trustee who is not also the personal representative required to16 23 LC 44 2171
37	37		H. B. 91
38	38		- 2 -
39	39		give notice; and whose identity and whereabouts are known or may be determined by17
40	40		reasonable diligence.18
41	41		(b) Within 30 days following the issuance of letters testamentary or letters of19
42	42		administration with the will annexed to the personal representative of a testate estate, such20
43	43		personal representative shall send to all beneficiaries by certified or registered mail or21
44	44		statutory overnight delivery, with return receipt requested, to his or her last known address22
45	45		a notice informing such beneficiaries of the issuance of such letters to the personal23
46	46		representative and providing the name, mailing address, and telephone number of such24
47	47		personal representative. Provided, however, that notice shall not be required to any25
48	48		beneficiary who has waived such right to notification in writing. Within 60 days following26
49	49		the issuance of such letters, such personal representative shall file with the probate court27
50	50		true and correct copies of such waivers and notices, the return receipts for each, and, with28
51	51		respect to any such beneficiary whose identity and whereabouts are unknown, an affidavit29
52	52		of diligent search attesting under oath to the efforts of such personal representative to30
53	53		identify and locate such beneficiary.31
54	54		(c) A personal representative who, without sufficient cause either fails to provide accurate32
55	55		information regarding such personal representative's name, mailing address, and telephone33
56	56		number within five business days of a request for such information by a beneficiary or by34
57	57		the probate court, or otherwise fails to comply with the requirements of subsection (b) of35
58	58		this Code section, may be cited to appear and show cause as to why the personal36
59	59		representative's letters should not be revoked in the same manner as pursuant to Code37
60	60		Section 53-6-53.38
61	61		(d) For purposes of this Code section, a trust beneficiary may be represented as provided39
62		-	in paragraph (3) of subsection (b) of Code Section 53-7-50."40 23 LC 44 2171~~/AP~~
	62	+	in paragraph (3) of subsection (b) of Code Section 53-7-50."40 23 LC 44 2171
63	63		H. B. 91
64	64		- 3 -
65	65		SECTION 2.
66	66		41
67	67		Said chapter is further amended in Code Section 53-5-61, relating to definitions regarding42
68	68		Uniform Transfer on Death Security Registration, by revising paragraph (5) as follows:43
69	69		"(5) 'Security account' means:44
70	70		(A) A reinvestment account associated with a security, a securities account with a45
71	71		broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends46
72	72		earned or declared on a security in an account, a reinvestment account, or a brokerage47
73	73		account, whether or not credited to the account before the owner's death; or
74	74		48
75	75		(B) An investment management account, investment advisory account, investment49
76	76		agency account, custody account, or any other type of security or trust account with a50
77	77		financial institution as such term is defined in Code Section 7-1-911, including the51
78	78		securities in the account, the cash balance in the account, and cash equivalents, and any52
79	79		interest, earnings, or dividends earned or declared on a security in the account, whether53
80	80		or not credited to the account before the owner's death; or54
81	81		(C) A cash balance or other property held for or due to the owner of a security as a55
82	82		replacement for or product of an account security, whether or not credited to the56
83	83		account before the owner's death."57
84	84		SECTION 3.58
85	85		All laws and parts of laws in conflict with this Act are repealed.59