Living Trust Vs Will In Georgia

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Living trust vs will in georgia.

The funding process is necessary but can be tedious. 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. 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. By creating a living trust you can also plan for an unfortunate situation.

It s a private contract between you as the trustmaker or grantor and the trust entity. To make a living trust in georgia you. In your living trust you name a successor trustee who will manage just the property left through the trust. In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime.

Most importantly however a living trust is useless unless it is funded. A trustee is chosen who will manage and distribute the assets. Choose whether to make an individual or shared 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 who will be the trust s beneficiaries who will get the trust property. A living trust at least theoretically provides for a smoother transition of management and ownership of property. Living trusts in georgia. The revocable living trust takes effect as soon as it is singed.

It is common to name yourself as trustee but you can choose anyone. A georgia living trust is set up by the trustor the person placing assets into the trust. In most cases it also makes sense to name the same person for both. If you do decide against getting a living trust remember that you ll still need an estate plan.

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. A living trust is a popular estate planning option. With a trust you initially serve as trustee and manage the property.

A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died. 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. Plus a will can do the following items that a living trust cannot. If you ever become mentally incapacitated the trust will provide for management of your assets.

Even if you create a living trust you ll still need a will to address any property that s not stored in the trust. Create the trust document. Decide what property to include in the trust. Choose a successor trustee.