Stewart v. Walters, 278 Ga. 374

Summary

The Supreme Court of Georgia held that a lifetime monetary transfer to a beneficiary was not chargeable as an advancement absent the written evidence required by OCGA § 53-1-10(c). The court also held that an executor who qualified after the transfer could not have breached an executor’s fiduciary duty at the time of the transfer, and it reversed the Court of Appeals.

Holdings

1. Under OCGA § 53-1-10(c), intent to treat a lifetime transfer as a satisfaction or advancement must be evidenced in the will, in a writing signed by the transferor within thirty days of the transfer, or in a writing acknowledging the transfer signed by the recipient. Without that written declaration, the transfer is not charged against the beneficiary's share.
2. An individual who qualifies as executor after receiving a lifetime monetary transfer cannot breach an executor's fiduciary duty based on conduct occurring at the time of the earlier transfer, because the fiduciary obligation does not attach until qualification as executor.

Questions Presented

1. Whether OCGA § 53-1-10(c) permits a lifetime transfer to be treated as an advancement against a testamentary gift without the writing required by the statute.
2. Whether an individual who receives a lifetime transfer before qualifying as executor breaches an executor's fiduciary duty by later failing to acknowledge the transfer as an advancement.

Disposition

reversed