YOU CREATE THIS TRUST IT DURING YOUR LIFETIME, AS WITH ALL LIVING TRUSTS.
Revocable Trust In Georgia
Understanding Revocable Trusts in Georgia: Long-term Asset Protection
Many believe that creating a Revocable Trust in Georgia is a complex and costly process, but the reality is quite different. Creating a Revocable Trust is a vital step in managing your assets effectively, offering not only the flexibility to amend or revoke the trust as your circumstances change but also providing a seamless transfer of assets upon your passing. Often, clients come to us believing their financial situation is too straightforward to benefit from a trust, saying, “My assets are straightforward; a simple will should suffice.” However, they soon discover that the strategic advantages of a Revocable Trust—such as avoiding probate, maintaining privacy, and managing assets during incapacity—can apply to estates of all sizes.
With over 15 years of experience at Hurban Law, LLC, serving the communities of Lawrenceville and Gwinnett County, Georgia, we are committed to providing exceptional, personalized service. We guide each client through the process of creating and managing their Revocable Trust, ensuring that it aligns perfectly with their personal needs and family dynamics.
What is a Revocable Trust?
A revocable trust is a legal document created by an individual (the grantor) during their lifetime that can be altered, changed, or revoked entirely. This flexibility allows the grantor to maintain control over their assets while they are alive and arrange how these assets are to be managed and distributed after their death.
Considerations and Limitations
Revocable trusts do not provide tax advantages during the grantor’s lifetime. The assets in the trust are treated as if they belong to the grantor for tax purposes.
Setting up a trust can be more complex and costly than writing a will.
The grantor must actively manage the trust or oversee its administration.
Benefits of a revocable trust in Georgia:
Control
The grantor retains control over the assets in the trust until death or incapacitation.
Privacy
Unlike wills, which go through the public process of probate, trusts can provide privacy for the grantor and the beneficiaries.
Flexibility
The trust’s terms can be changed at any time during the grantor’s lifetime.
Avoidance of Probate
Assets held in a revocable trust bypass the probate process, allowing for potentially faster distribution to beneficiaries.
Steps To Setting Up A Revocable Trust In Georgia
You can name yourself as trustee and appoint a successor trustee to manage the trust after your death or if you become incapacitated.
Detail which assets should be placed into the trust. Common assets include real estate, bank accounts, and investments.
Specify how the assets in the trust should be managed and eventually distributed to the beneficiaries.
Work with an estate planning attorney to draft a trust document that meets legal requirements and reflects your wishes.
Officially transfer ownership of the assets to the trust.
"A Revocable Trust offers a lot of benefits, making it a great choice for individuals and families in Georgia."
– Tim Hurban
Common Questions with revocable trust
Do I Need To Have A Trust If I Have A Will In Georgia?
There are some cases where having a revocable living trust is preferable to just having a Last Will Testament in the state of Georgia. For example, if you are incapacitated and unable to manage your finances, having a revocable living trust in place can save you from needing a conservatorship. Your trustee may continue to handle matters on your behalf rather than having someone appointed by the court to manage your estate.
How Does This Trust Work In Comparison To Other Trust?
You can choose a living trust to be either revocable or irrevocable living trust, depending on your preferences. The more flexible choice is a revocable living trust since you can modify it whenever you wish. This means that you have the freedom to change the trust’s terms at any moment and to move assets in and out of it as you see fit. On the other hand an irrevocable trust is permanent, which means that once the assets are added, they cannot be removed.
Types Of Assets Can It Hold In Georgia
- real estate properties
- vehicles & boats
- financial accounts
- antiques & jewelry
- artwork
- family heirlooms
- stamp or coin collections
- stocks
- bonds
- mutual funds and other securities
Why You Should Consult with a professional
Consult with a knowledgeable estate planning attorney in Georgia to determine if a revocable trust is right for your specific circumstances and to ensure that your trust is properly set up and maintained according to state laws.
A revocable living trust can provide peace of mind and help you achieve your estate planning goals.
We are happy to provide a free 15-minute consultation session if you need quick guidance on whether a more in-depth meeting is needed. The free 15-minute sessions can be done either through a phone call or virtually.