Living Trust Vs Will In Georgia

It is common to name yourself as trustee but you can choose anyone.

Living trust vs will in georgia.

The funding process is necessary but can be tedious. You must also sign the document in front of a notary public and transfer your property to the living trust. A living trust is more expensive to set up than a typical will because it must be actively managed after it is created. A living trust is a popular estate planning option.

A trustee is chosen who will manage and distribute the assets. Create the trust document. The revocable living trust takes effect as soon as it is singed. Most importantly however a living trust is useless unless it is funded.

It s a private contract between you as the trustmaker or grantor and the trust entity. Disadvantages of using a living trust in georgia. To make a living trust in georgia you. By creating a living trust you can also plan for an unfortunate situation.

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. With a trust you initially serve as trustee and manage the property. Living trusts in georgia. If you do decide against getting a living trust remember that you ll still need an estate plan.

If you ever become mentally incapacitated the trust will provide for management of your assets. 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. If you become. In your living trust you name a successor trustee who will manage just the property left through the 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 what property to include 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. Plus a will can do the following items that a living trust cannot.

A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died. Decide who will be the trust s beneficiaries who will get the trust property. Choose whether to make an individual or shared trust. A living trust at least theoretically provides for a smoother transition of management and ownership of property.

Choose a successor trustee. 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. A living trust only can control those assets that have been placed into it. A georgia living trust is set up by the trustor the person placing assets into the trust.