Revocable Trusts in Georgia
Most people believe you must have a certain level of wealth to need a trust; however, a revocable living trust, (sometimes just a revocable trust or a living trust) is really just an estate planning tool that will manage your assets during your lifetime and distribute assets after your death.
Benefits of Your Revocable Living Trust During Your Lifetime
Anytime you are living and have capacity, you can change your revocable living trust. You can decide to change a single provision, or re-write the entire document. You have the power to appoint and remove people in the trust, to change the distribution, to make new gifts, or update the terms to keep up with current law. You are the owner of your trust as the Trustee (person who manages the trust), you make all management, investment, withdrawal, and contribution choices.
If you become incapacitated, your revocable living trust allows your successor Trustee to manage your assets for your benefit without court intervention. Without a conservatorship (court ordered asset management), your Trustee can more easily manage your finances and has more freedom in how to invest those assets for your benefit. No conservatorship means no court accounting or filing, so there are less fees and less time involved which makes the job easier for those caring for you.
Benefits of Revocable Living Trust After Death
After your death, assets in your revocable living trust avoid probate. Again, no court involvement, which saves time, money, and aggravation. You can create any plan you desire, leaving your money to the people or places you want under the terms you decide. See our blog on sub-trusts to learn more about how customized your revocable living trust can be. A revocable living trust can make the process of distribution easier and faster for your loved ones. After your death, your revocable living trust becomes irrevocable so no one can change the people, terms, or any part of the trust.
Considerations for a Revocable Living Trust
A revocable living trust allows you to be the Trustee during your lifetime. You may also name someone to serve with you, or in place of you if you no longer want to manage your trust. The requirement of a Trustee is in the name: Trust. A person in this role should be someone you can depend on for everything. This person will control your finances, know your details and personal information, potentially make decisions about your well-being, and is in charge of carrying out your wishes when you are gone. While trusts can be more efficient, there is no oversight. Your Trustee does not report to a court or make accountings to anyone other than the beneficiaries. No one is looking over their shoulder. A trust is not filed anywhere or recorded.
Additionally, a revocable living trust requires upkeep and work. A revocable living trust is a vessel, like a glass and it only works if you put things inside of it. You must re-title your accounts, update your beneficiaries, and deed property into the trust for it to work. As you obtain new assets through the years, you must keep up with the ownership and paperwork to be sure the revocable living trust is the owner or beneficiary.
Contact our Georgia estate planning attorneys at Grissom Law, LLC to help create and fund an estate plan to help manage your assets during and after your lifetime.
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.