Living Trust Vs Will In Georgia

If you ever become mentally incapacitated the trust will provide for management of your assets.

Living trust vs will in georgia.

A trustee is chosen who will manage and distribute the assets. In most cases it also makes sense to name the same person for both. A living trust only can control those assets that have been placed into it. Create the trust document.

The revocable living trust takes effect as soon as it is singed. 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. A living trust at least theoretically provides for a smoother transition of management and ownership of property. 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.

A georgia living trust is set up by the trustor the person placing assets into the trust. By creating a living trust you can also plan for an unfortunate situation. If you become. The funding process is necessary but can be tedious.

It s a private contract between you as the trustmaker or grantor and the trust entity. With a trust you initially serve as trustee and manage the property. Disadvantages of using a living trust in georgia. A living trust is more expensive to set up than a typical will because it must be actively managed after it is created.

Living trusts in georgia. Even if you create a living trust you ll still need a will to address any property that s not stored in 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. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died.

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. 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. It is common to name yourself as trustee but you can choose anyone. You must also sign the document in front of a notary public and transfer your property to the living trust.

Plus a will can do the following items that a living trust cannot. Decide what property to include in the trust. Choose whether to make an individual or shared trust. If you do decide against getting a living trust remember that you ll still need an estate plan.

Most importantly however a living trust is useless unless it is funded. Decide who will be the trust s beneficiaries who will get the trust property. 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 is a popular estate planning option.