Trusts are a powerful Estate Planning tool that can ensure that your wishes are carried out at the end of your life. These legal solutions can also make the process of transferring your property easier for your loved ones.
The term “Trust” is broad, covering a wide range of legal tools. You don’t have to have millions in the bank for a Trust to effectively help you plan for the future. Before you can determine what type of Trust is best for you, you should speak with our team about the available options. A knowledgeable Georgia Trusts lawyer at our firm can help you implement a Trust in your Estate Plan.
There are many benefits of including a Trust in your Estate Plan. A Living Trust not only has the potential to ensure your final wishes are met, but it can also assist with your financial needs until the end of your life. A trust can provide flexibility, giving you options on how your property, including your house and savings, is used both during and after your life.
A properly created Trust can also help protect your property from creditors. While a creditor might be able to reach your property during probate, they may not be entitled to pursue a Trust after your death. When you pass, your Trust becomes the owner of your property until the Trust document determines it is time to distribute your belongings to the intended beneficiary.
Of course, Trusts are not the right choice for everybody. Our Georgia legal team can help you decide if a Trust would be beneficial for you during the planning process.
While there are multiple types of Trusts, the most commonly used is a Revocable Living Trust. This type of Trust can be changed during the course of your life and when you pass away, it operates similar to a Will. A Revocable Living Trust distributes your property held by the Trust to your beneficiaries once you pass.
However, some Trusts are not related to the distribution of property at all. For example, a Special Needs Trust can set aside money for a child that will need specialized care for the remainder of their life.
Trusts can also set aside funds for anything from nursing home expenses to the care of a beloved pet. Our local Trusts attorney can assist you in the drafting of each of these documents to meet your specific needs and wishes.
Many people pass away without a Trust in place. While some have a Will to rely on, others have no Estate Plan whatsoever. Without a Trust, your family must go through the Probate process, which can be time-consuming and costly. In many cases, Probate could add months to the process of distributing your belongings to your heirs.
There are also potential tax consequences that come with not using a Trust. Certain transfers to a Trust during the course of your life could limit the tax liability your family faces once you pass. Our knowledgeable attorneys can explain your options for limiting tax liability and help choose an effective strategy for your personal situation.
Trusts are a complex but useful tool in an Estate Plan. Due to their strict requirements, a mistake in crafting these documents can easily make them worthless. To protect your rights and ensure that your future wishes will be respected, never attempt to create a Trust on your own.
At Nelson Elder Care Law, our team is skilled at creating, managing, and updating Trusts. Reach out to our Georgia Trusts lawyers today for a free consultation.
