Revocable Living Trust Attorney
Living Trust Attorney in Atlanta, Georgia
- What are the advantages of a Revocable Living Trust during life?
- What are the advantages of a Revocable Living Trust if I become incapacitated?
- What are the advantages of a Revocable Living Trust after death?
- Things to Consider
- How Do I Revoke the Trust?
The Revocable Living Trust, also known as a living trust, is a commonly used estate planning tool. It allows a person to control his or her assets during their life and upon death, the assets will be governed by the trust agreement. This gives the Grantor great control over the assets in both life and death.
Deciding whether a Revocable Living Trust would be a good addition to your estate plan can depend on a number of factors. It is important to work with an experienced Georgia estate planning attorney.
What are the advantages of a Revocable Living Trust during life?
Under a Revocable Living Trust, you have absolute power over your assets when are alive and capable. You can add or remove assets from the Trust at your pleasure. If you change your mind and no longer want the Revocable Living Trust, all the assets can be transferred out and the Trust terminated with relative ease.
What are the advantages of a Revocable Living Trust if I become incapacitated?
If you become incapacitated, the power over the assets held in the Revocable Living Trust transfers to a successor Trustee stated within the Trust agreement. This Trustee only can use the trust assets for the benefit of the Grantor or other beneficiaries listed in the trust document. If and when you regain you capacity, you can typically control the Revocable Living Trust as you had before.
This is a huge advantage as it prevents your loved ones from having to seek a conservatorship to manage your assets if you become incapacitated. This saves time and money that could otherwise be spent on your care. Further, the Trust gives directions to the backup Trustee and makes sure your wishes are followed even when you are not able to do soon your own.
What are the advantages of a Revocable Living Trust after death?
Once you die, the assets in the trust become permanently part of the Trust, are governed by the text of Revocable Living Trust, and are managed by the successor Trustee. This Trustee will manage and distribute the assets as instructed in the trust document. The Trust can distribute assets and income for many years or potentially generations into the future, if that is the desire of the Grantor during his or her life.
This offers several advantages over simply having a Will.
- First, the Revocable Living Trust is not published like a Will, allowing for privacy when detailing provisions.
- Second, the ability to challenge a Trust is more limited than challenging a Will, allowing for more security that your estate plan will unfold as desired.
- Third, the beneficiaries get access to assets held by the Revocable Living Trust much faster than they would under a Will, which minimizes the need for probate and the cost of legal assistance.
- Fourth, assets for minor children can be managed by the Trust.
- Fifth, provisions can be added to reduced state and federal estate taxes
In estates with a Revocable Living Trust, the Will is only used to transfer any property left in the deceased’s name to the Revocable Living Trust and to nominate the guardians of any minor children.
Things to Consider
If you are looking for asset protection, this is not the best approach. Since you can control trust assets during your lifetime, so can your creditors and those who may hold judgments against you in the future. If that is the case, we can explore other options.
Additionally, if tax considerations are important to your estate plan, we will explore other types of trusts options with you.
How Do I Revoke the Trust?
As the name implies, a Revocable Living Trust can be revoked at any time. In your role as Trustee, you can transfer any assets titled to the trust back to your name.
Contact Us to Talk to our Marietta, GA Living Trust Lawyers
When you are ready to move forward or want to talk with a professional, we would like to hear from you.
If you have any questions or would like to get started, call our office at (404) 939-7562 or contact us online for a free consultation.
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