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YOU CREATE THIS TRUST IT DURING YOUR LIFETIME, AS WITH ALL LIVING TRUSTS.
Revocable Living Trust
How A Trust Protects Your Wealth
Revocable Living Trusts are one of the main estate planning tools that you can take advantage of for retirement in Georgia.
You can live the lifestyle you want in your golden years if you have the needed retirement resources and a financial plan.
you can modify it whenever you wish.
What Is A Revocable Living Trust In Georgia?
A Revocable Living Trust, usually referred to as a revocable trust or just a trust, is a legal agreement that specifies how your assets will be managed after your passing. Real estate, priceless possessions, money in the bank, and investments are all examples of assets.
You create this trust it during your lifetime, as with all Revocable Living Trusts. The assets you place in this type of trust are then transferred to your selected beneficiaries following your death. The ability to modify or terminate the terms of a revocable living trust is what makes it unique in the state of Georgia.
How Does This Trust Work In Comparison To Other Types?
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.
What Types Of Assets Can It Hold In Georgia?
Different types of assets you can transfer to this type of Trust includes:
- real estate properties
- vehicles & boats
- financial accounts
- antiques & jewelry
- artwork
- family heirlooms
- stamp or coin collections
- stocks
- bonds
- mutual funds and other securities
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.
"A Revocable Living Trust offers a lot of benefits, making it a great choice for individuals and families in Georgia."
– Tim Hurban
What’s The Difference Between A Will And Trust In Georgia?
A Will is a legal document that outlines how your assets or wealth should be distributed upon your death, and it commonly goes through the probate process, which can be time-consuming and public.
Wills also offer flexibility but do not address incapacity planning a Trust or also called a Living Trust is a legal document that allows you to manage your assets during your lifetime and distribute them after your death
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.
