Your Guide to Creating a Living Trust: Georgia Laws & More
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Living Trust Georgia: The Basics
Explore living trust Georgia options for estate planning: protect assets, avoid probate, and ensure your family’s future is secure. 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 meets your final wishes. 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 significant 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 and is responsible for distributing them upon 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 requires the help of a skilled estate planning lawyer. If you want to create a living trust in Georgia, read on or contact Perigon Legal Services today to build a comprehensive estate plan with a reliable living trust.
What Is a Revocable Living Trust Georgia?
By far the most common type of trust in Georgia, a revocable living trust allows the grantor to keep control of their assets and make changes to the trust at any time.
The term “revocable” means that if you create this type of living trust, you can change it or revoke it whenever you want. It permits the grantor to also serve as the trustee. Still, it does not help avoid estate taxes because your ability to revoke or amend the revocable 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 want to learn 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 “trust” and “will,” but few know the differences. Both are applicable 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. On the other hand, a trust is a legal arrangement used to manage your property while alive and distribute it following your death.
One key difference between a will and a trust is that the former will only go into effect after your death, while the latter takes effect and starts functioning after it is created.
Executing a Living Trust in Georgia Without a Complete Estate Plan
Learn More About Georgia Living Trust Laws Today
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