Trusts in Georgia

A Trust is a legal option, exercised through a formal document, serving to transfer ownership of estate assets to a grantor’s designated beneficiary and bypass probate court.

What is a Trust?

A Trust can be a high-value component in an Estate Plan. A living trust and a testamentary trust are the two primary types of Trusts. The implementation of directives in a Trust is managed by a trustee. The trustee is a person designated by the grantor. The key advantage in having a trust is that transferring assets can avoid the cost and time required to be pushed through probate court.

Revocable vs. Irrevocable Trusts

Revocable Trusts can be canceled or otherwise nullified by the grantor. When the grantor dies, the Trust immediately converts from revocable to irrevocable. Revocable Trusts preserve and protect assets including directing assets to your desired beneficiaries.

Irrevocable Trusts cannot be canceled or otherwise nullified by the grantor. A top advantage of having an irrevocable trust is that allows you to bypass probate. Additionally, it provides protection against estate taxes and creditors.

Because a Trust moves things forward outside of the probate process it expedites settling an estate and keeps costs at a minimum.

Specific Types of Trusts in Georgia

There are numerous specific types of trusts which can be leveraged to achieve a number of objectives. Below are examples of popular types of trusts that we can create and update for you.

• Burial Trust
• Educational Trust
• Charitable Trust
• Living Trust
• Marital Dedication Trust
• Testamentary Trust
• Totten Trust

Trusts vs. Wills

Trusts and Wills are both utilized to transfer estate assets to a designated entity or person(s). Ideally, you should hire a lawyer to create and maintain your Will and Trusts to avoid conflicts between the two documents.

For a Trust to be legally recognized it must identify the trustor, trustee, successor trustee, and beneficiaries. To avoid potential legal obstacles or challenges transferring assets you should enlist the services of an experienced Wills and Trusts lawyer.

We can create Trusts to protect your estate’s assets and assure the distribution of assets is done according to your wishes. Contact us to arrange a consultation to get answers to your questions and explore options.