Some Georgia residents may create a trust while they’re planning their estate if they do not want their estate to go through probate. This is the process where the courts oversee how assets get transferred to beneficiaries.
A revocable trust
A revocable trust is a common part of estate planning. You can modify a revocable trust at any time. In most cases, you are designated the trustee of your trust. This means that as long as you are alive you have complete control over the trust and the property discussed in the trust.
While creating a revocable trust, you will name a successor trustee. This individual manages the trust and distributes your property after you die. Spouses might consider creating a shared living trust. This way, the other spouse will take over the trust when one dies. When both spouses die, the successor trustee assumes control of the trust.
A living trust
Creating a living trust can save your loved ones frustration, time and money after you die. Property left behind in a will instead of a trust can get locked up in probate for months if not years. If there are any disagreements about the will, all parties involved could have to deal with high court costs and lawyer fees. However, property left in a trust can be quickly distributed to beneficiaries, often without the need for legal professionals.
Creating a trust does not necessarily eliminate the need for making a will. You cannot use a trust to designate a guardian for minor children, nor can you cover properties that you have not specifically mentioned in the trust. A will is a backup dictating how assets and minor children are cared for and can serve as a tool to complement a trust.