A living trust is an estate planning tool that allows you to avoid probate. Probate can be expensive and time-consuming, especially if your estate is large or complicated. With a living trust in Georgia, it can help to simplify the process of transferring property after death. You can also use a living trust as a way to avoid probate now, by naming yourself as trustee and transferring title of your home and other important assets to the trust during life.
Do I need to have a Living Trust?
Living trusts are a powerful tool to avoid probate. If you have assets that you want to pass on to your loved ones without going through the lengthy, costly process of probating an estate, then a living trust is for you! Living trusts are created by individuals who designate themselves as trustees of their own estates. The person who creates the living trust makes it clear in their will or other estate planning documents what they would like done with their property after they die, and the trustee carries out these wishes.
The decision about whether to create a living trust depends on many factors including how much money you have, where your property is located, and how many people are involved in your estate plan. A lawyer can help you decide if a living trust is the right document for your estate planning.
How do I create a Living Trust?
Once you have decided that a living trust is appropriate for your situation, an estate planning attorney will help you set up the document. If your estate is fairly simple, small, or you don’t have complicated legal and family factors, there are online resources that can help you.
Before you get started, there are several decisions that you must make::
- Who will you want your successor trustee to be (and if they should be the same person as the executor of your will)?
- Which assets do you want to transfer into your trust?
- Who do you want to receive your property after your death
Once you fill out your living trust documents online or with an attorney, you will have to sign and execute them. For a living trust in Georgia, you must also sign the document in front of a notary public and transfer your property to the living trust.
BOTTOM LINE: There are several ways to handle your estate. Living Trusts are just one. A basic will, maybe containing a testamentary trust, is the alternative. It is simpler, and cheaper to execute.
If you are considering a living trust in Georgia, contact our offices for a FREE phone consultation to discuss your specific needs and the most effective option for you to consider.