This is part 5 of 5 blogs focused on funding trusts that are a part of an estate plan. In the last 4 blogs, we have focused on funding your trust with savings bonds, financial accounts, real property, and business interests to avoid probate. Today we will focus on funding your trust by updating beneficiaries.
If your estate plan includes a trust, it is important that after creating the trust, you review the beneficiaries on your retirement accounts and life insurance to ensure they are coordinated with your plan. For instance, if you have minor children and you have them named as beneficiaries on retirement accounts or life insurance, a conservatorship will likely be required to collect the funds and then the beneficiary will receive the funds within 60 days of attaining age 18.
Updating the beneficiary to the trust would not only avoid the need for a conservator but would also ensure that the funds were distributed in accordance with the trust you created and managed by the trustee you named. This update can result in a more efficient settlement of your estate as well as a cost savings and ultimately can guarantee that your wishes for timing of distributions and use of funds is carried out.
We work with families and individuals to create estate plans. If you are interested in working with a Georgia attorney to create a trust and provide recommendations for updating your beneficiaries to work in conjunction with your estate plan, call Grissom Law, LLC today at 678.781.9230 to schedule a time to meet and discuss your needs.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.