Anyone hoping to make sure their family is taken care of after they’ve passed should consider all the options for estate planning.
This includes a wide variety of legal documents – the specifics of which can vary depending on your circumstances. But one of the most common elements of an estate plan is a trust, and with good reason. Trusts are legal relationships that become active the day you sign them and can distribute property or assets while you’re still alive.
At Marietta Estate Planning, our job is to help you comb through your options and guide you on what will work best to set up a good plan for you and the future of your family.
What is considered a trust in Georgia?
When you set up a trust, you (the trustor) give someone else (the trustee) the power over your property and assets for the benefit of a third party or parties (your beneficiary or beneficiaries) when you die.
With a trust, you will be able to control how your assets will be managed very specifically. This is particularly helpful for people caring for family members or if you own a business.
How is a trust different from a will in Georgia?
A will is a legal document that lays out how you want your assets and property distributed after your death. However, a will is subject to public scrutiny, and assets listed in a will may have to go through probate – a long and complicated court process.
A trust, on the other hand, can be managed much more privately – particularly living trusts, which allow for planning during your lifetime. Trusts, additionally, do not have to go through probate.
Living trusts are the most flexible option, since you can still make necessary changes and edits to the trust during your lifetime, but you can rest assured that a plan is in place if you pass away or become incapaciated.
Why is a trust a useful tool in Georgia estate planning?
There are other elements to think about when deciding to create a trust, as well:
- Protecting beneficiaries: If any of your beneficiaries are minors, have addiction problems, or have trouble with money management, setting up a trust with a trustee who manages your assets ensures that your beneficiaries benefit from the assets until the point they can manage them themselves.
- Marriages, divorce, and second marriages: Revocable living trusts allow for changes, edits, and asset-sharing that will be protected in case of divorce. This also ensures that everyone won’t have to deal with probate when you pass away.
- Funding the trust: Trusts and estate planning are not just for the super wealthy. However, it is important to make sure to fund the assets and update the trust when any financial changes occur so that your trust is beneficial to the family members you created it for.
Contact Marietta Estate Planning today
An experienced Georgia estate planning attorney will help walk you through your options and guide you in determining what’s best for you and your family. Contact our attorney at Marietta Estate Planning today so we can get started preparing your family for the future.
