Living Trust Vs Will In Georgia

Decide what property to include in the trust.

Living trust vs will in georgia.

With a trust you initially serve as trustee and manage the property. 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. Disadvantages of using a living trust in georgia.

If you do decide against getting a living trust remember that you ll still need an estate plan. Choose whether to make an individual or shared trust. Choose a successor trustee. You must also sign the document in front of a notary public and transfer your property to the 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. The funding process is necessary but can be tedious. Living trusts in georgia. 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 living trust only can control those assets that have been placed into it. 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. It is common to name yourself as trustee but you can choose anyone. A living trust is more expensive to set up than a typical will because it must be actively managed after it is created.

In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime. The revocable living trust takes effect as soon as it is singed. If you ever become mentally incapacitated the trust will provide for management of your assets. 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.

If you become. A trustee is chosen who will manage and distribute the assets. A living trust is a popular estate planning option. Most importantly however a living trust is useless unless it is funded.

Plus a will can do the following items that a living trust cannot. In most cases it also makes sense to name the same person for both. To make a living trust in georgia you. A living trust at least theoretically provides for a smoother transition of management and ownership of property.

Even if you create a living trust you ll still need a will to address any property that s not stored in the trust. It s a private contract between you as the trustmaker or grantor and the trust entity. Create the trust document. In your living trust you name a successor trustee who will manage just the property left through the trust.