Living Trust Vs Will In Georgia

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Living trust vs will in georgia. In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime. Decide who will be the trust s beneficiaries who will get the trust property. A living trust is more expensive to set up than a typical will because it must be actively managed after it is created. It s a private contract between you as the trustmaker or grantor and the trust entity.

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. The revocable living trust takes effect as soon as it is singed. The funding process is necessary but can be tedious. 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 living trust at least theoretically provides for a smoother transition of management and ownership of property. A living trust only can control those assets that have been placed into it. A georgia living trust is set up by the trustor the person placing assets into the trust.

Choose whether to make an individual or shared trust. A living trust is a popular estate planning option. To make a living trust in georgia you. With a trust you initially serve as trustee and manage the property.

By creating a living trust you can also plan for an unfortunate situation. Choose a successor trustee. In most cases it also makes sense to name the same person for both. You must also sign the document in front of a notary public and transfer your property to the living trust.

Disadvantages of using a living trust in georgia. Decide what property to include in the trust. It is common to name yourself as trustee but you can choose anyone. If you ever become mentally incapacitated the trust will provide for management of your assets.

Create the trust document. 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. 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. If you do decide against getting a living trust remember that you ll still need an estate plan.

A trustee is chosen who will manage and distribute the assets. Living trusts in georgia. The average cost for an attorney to create your trust ranges from 1 000 to 1 500 for an individual and 1 200 to 1 500 for a couple. Plus a will can do the following items that a living trust cannot.