How to Create and Fund a Revocable Trust in Georgia

Of all the estate planning tools available to you, a revocable trust is one of the most powerful. A trust allows you to retain control of your property during your lifetime, simplify the distribution of that property after you pass away, and help your loved ones avoid the probate process. Creating and funding a trust does not have to be complex. Below, our Atlanta estate planning lawyer outlines how to do it.

What is a Revocable Trust?

A revocable trust is a legal document in which you, known as the grantor, place property into while retaining control over it. You can manage the assets within the trust during your lifetime and appoint a successor trustee who will take over management of the trust after you pass away. You can include specific instructions within the trust regarding how you want the property distributed. If your circumstances change, you can modify or revoke the trust at any time.

Wills are very effective estate planning tools, but they do not provide the same level of efficiency or privacy. Wills also do not avoid probate, but revocable trusts are considered separate legal entities. As such, they and the property within them do not have to pass through probate.

Start by Taking Inventory

The best way to start establishing a trust is to take an inventory of all the property you would like it to hold. This can include your home, vehicle, life insurance policies, retirement accounts, personal property such as furniture or antiques, and more. Creating this inventory ensures that no assets are overlooked when drafting the trust. It is important to speak to an Atlanta estate planning attorney who can advise on the property you can place into the trust.

Fund the Trust 

Perhaps the most important step when establishing a trust is to fund it with the property you want to protect. Funding a trust requires you to retitle the property into the name of the trust. You can name your trust anything you want, such as “The Smith Family Trust” or you can use a name that is more discreet, such as a generic name.

Whichever name you choose, you must retitle assets such as real estate, personal property, and retirement accounts into the name of the trust. If property is not transferred to the trust properly, you will risk losing the benefits of these documents and your property may still have to go through probate. An estate planning lawyer can help with funding your trust so your property is managed and distributed according to your instructions.

Appoint Beneficiaries and a Successor Trustee

The beneficiaries are the individuals who will receive the property after you pass away. The successor trustee will take over the management and control of the property upon your death or incapacitation. Naming beneficiaries and a successor trustee requires a great deal of thought and so, take your time when identifying your goals for each.

Our Estate Planning Attorney in Atlanta Can Draft Your Document

There are several steps involved when establishing a trust and our Atlanta estate planning attorney at The Forsythe Law Firm, LLC can help with all of them. Call us now at 404-476-2717 or contact us online to schedule a consultation with our seasoned attorney and to learn more about how we can help.

Source:

legis.ga.gov/api/legislation/document/20192020/189096