Your Guide to Creating a Living Trust: Georgia Laws & More
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Living Trust Georgia: The Basics
A living trust in Georgia can be used to manage your assets, avoid probate, and limit delays and expenses in case of your incapacity or death. Learn more here.
A living trust is a legal document that transfers ownership of your assets into a trust where you can continue using them until they are transferred to your beneficiaries after death.
It is a crucial estate planning tool that ensures your final wishes are met. People often use living trusts to avoid the complex probate process after death or even plan for the possibility of becoming mentally incapacitated before death.
The living trust can either be revocable or irrevocable, and it goes into effect while you’re still living. There are four major roles in a trust – both revocable and irrevocable.
- Grantor: Also known as the settlor, this is the original owner of the property and estate placed in the living trust, and is the person who creates the trust.
- Trustee: A trustee is the manager of the grantor’s assets, responsible for distributing them upon their death.
- Successor trustee: A person appointed to manage the trust should the initial trustee become unable to do so (mental disability, death). This is necessary if the grantor is also the trustee.
- Beneficiaries: Person(s) the grantor has bestowed the assets in the trust to inherit after death.
Determining which type of trust is best for you is a big decision and one that requires the help of a skilled estate planning lawyer. If you are interested in creating a living trust in Georgia, read on or contact Faulkner Law Offices today to begin building a comprehensive estate plan with a reliable living trust to accompany it.
What Is a Revocable Living Trust Georgia?
By far the most common type of trust in Georgia, a revocable living trust can be modified by the grantor if they wish to place additional items in trust or nominate new beneficiaries. It permits the grantor to also serve as the trustee, but it does not help avoid estate taxes because your ability to revoke or amend the revocable living trust causes your assets to still be includable in your estate.
However, in Georgia, most people do not have to worry about estate taxes because the federal estate tax is only levied on estates worth close to $12 million. Georgia also does not have its own estate tax. If you are interested in learning more about whether a revocable living trust is right for you, our attorneys are here to help you explore your options.
What Is an Irrevocable Living Trust Georgia?
Trust vs Will in Georgia
Many people have heard the terms “trust” and “will”, but very few know the differences between the two. Both are useful estate planning tools that serve different purposes but can be used together to create a complete estate plan.
A will, also known as a Last Will and Testament, is a document that states who receives your property after your death with an appointed legal representative to execute your wishes. A trust, on the other hand, is a legal arrangement used to manage your property while alive and distribute it following your death.
Executing a Living Trust in Georgia Without a Complete Estate Plan
Learn More About Georgia Living Trust Laws Today
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