You cannot control how or when you will pass away. However, there are ways of planning for your property and savings to ensure that it is distributed to your loved ones in the way that you intend. One effective way of doing this is by setting up a Trust.
Trusts are legal instruments that allow you to transfer money or items to another person, known as a trustee. The trustee will manage your property and distribute it to the proper heirs once you pass away. There are many different types of Trusts, each designed to serve a unique purpose, so it is recommended that you discuss your options with an experienced attorney. At Nelson Elder Care Law, a Marietta Trusts lawyer can walk you through every aspect of the legal process.
As a legal document, a Trust does not require any specific format or language in order to be valid. However, it is important to seek skilled legal counsel when creating a Trust, as there are certain requirements that may differ by state. Under Georgia Code §53-12-20 there are some requirements including:
In Georgia, there are two main types of Trusts: Revocable and Irrevocable. A Revocable Trust can be changed or revoked after you create it. Irrevocable Trusts can also be changed after they are created. A skilled Trusts attorney at our Marietta office can help you decide which option is right for you. We can also help with other important decisions surrounding the creation of a Trust, such as picking a trusted person to manage it.
Under Georgia law, a trustee can be any individual or entity that has the legal capacity to manage the Trust. After accepting the position, a trustee is responsible for administering the Trust in good faith and in accordance with your wishes. This means that trustees must exercise reasonable care and judgement when fulfilling their duties. Our attorneys are well-versed in these responsibilities and can help you administer a Trust if you were named as a trustee.
One of your duties as a trustee is to notify qualified beneficiaries within 60 days of the creation of a Revocable Trust. This notification must include your name and address. At least once a year or upon request from a beneficiary, you must provide a report about the items and money in the Trust, as well as any other relevant details. Our seasoned Trusts lawyers can help you as you manage these duties and inform you of any other trustee obligations.
There are many reasons to establish a Trust. These legal tools can help your family avoid the complex probate process and ensure that your assets are distributed according to your wishes. If you are considering plans for protecting loved ones, speak with a Marietta Trusts lawyer at Nelson Elder Care Law. Our legal team can walk you through your options in a free consultation, so call us today.
