Living Trust Vs Will In Georgia

By creating a living trust you can also plan for an unfortunate situation.

Living trust vs will in georgia.

With a trust you initially serve as trustee and manage the property. In your living trust you name a successor trustee who will manage just the property left through the trust. To make a living trust in georgia you creates the trust document in which you designate who will inherit trust property also called a beneficiary and name the trustee. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died.

One of the drawbacks to using a living rust is that even if you have created a living trust you will still need a will. A living trust at least theoretically provides for a smoother transition of management and ownership of property. The funding process is necessary but can be tedious. A georgia living trust is set up by the trustor the person placing assets into the trust.

A living trust only can control those assets that have been placed into it. In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime. Even if you create a living trust you ll still need a will to address any property that s not stored in the trust. Disadvantages of using a living trust in georgia.

Most importantly however a living trust is useless unless it is funded. Choose whether to make an individual or shared trust. If you become. To make a living trust in georgia you.

A living trust is more expensive to set up than a typical will because it must be actively managed after it is created. Create the trust document. If you do decide against getting a living trust remember that you ll still need an estate plan. Choose a successor trustee.

If you ever become mentally incapacitated the trust will provide for management of your assets. Because most estates will need an executor to some extent it makes sense to make a will and name an executor even when you leave most of your property through a trust. Using an attorney means that the trust will be completed correctly but the associated fees can greatly increase the cost of creating a living trust. Decide what property to include in the trust.

The revocable living trust takes effect as soon as it is singed. Living trusts in georgia. It s a private contract between you as the trustmaker or grantor and the trust entity. Decide who will be the trust s beneficiaries who will get the trust property.

A living trust is a popular estate planning option. In most cases it also makes sense to name the same person for both. A trustee is chosen who will manage and distribute the assets. You must also sign the document in front of a notary public and transfer your property to the living trust.