Living Trusts are often used by those seeking to prevent family disputes and ensure that their property is efficiently distributed to their beneficiaries. If you are considering using a living trust, you should consider the following:
You Can Avoid Probate Court
One benefit of a living trust is that your assets are not tied up in probate after your death. Assets subject to probate may not be distributed to your beneficiaries for months or even years after your death and may be significantly depleted by expenses associated with the probate process. Conversely, using a living trust may allow your trustee to to transfer your assets to the trust beneficiaries immediately upon your death.
Living Trusts Can Be Revocable or Irrevocable
It is important to know what you are committing yourself to before you execute a trust document. A revocable living trust gives you the ability to amend or terminate the trust or to remove property from the trust at any time prior to your death, so long as you are mentally competent. Conversely, it is very difficult to amend or terminate an irrevocable living trust, and doing usually requires court permission.
You Still Need a Will
A living trust allows you to name beneficiaries for property in the trust. You should still have a will to dictate the distribution of assets that are not transferred to the trust prior to your death. Without a will, Georgia’s laws of intestacy will determine who receives any assets not titled to the trust at your death.
Educating yourself on estate planning options is the best way to guarantee that your last wishes are carried out and avoid family disputes after your death.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes, representing individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, businesses, investments, and securities. Contact us for a consultation.
