Surrendering Asset Control: Is that Required for a Trust?
The key in setting up a trust is to take control of your estate comprehensively, protecting your assets and your beneficiaries. If you are setting up a living trust, you can act as the trustee yourself. If not, you will be putting your estate in the hands of another trustee, and because of that, you must choose this individual very carefully. There are plenty of stories out there about trustees who are dishonest, embezzle, and more, so let the mistakes of others serve as cautionary tales while you name a trustee who will act with honesty and integrity, serving in your stead to handle your estate and distribute the assets when you are gone. Otherwise, control is the key element in creating a trust. With the help of an experienced estate planning attorney, you should be able to set up your estate plan exactly the way you want it.
You Drive the Creation & Details of the Trust
Although you must put your assets in the trust’s name and may be establishing a trustee other than yourself, you are in complete control of creating all the details of the trust, whether in relation to while you are still alive or after death. What is important is protecting your loved ones, who are most likely your beneficiaries.
Age Restrictions & Other Conditions May Be Placed on Inheritances
You can set up the trust to provide for your spouse, children, a second spouse—and revert to your own children should they die. It’s no secret that young people often do not have the financial skills to deal with an inheritance, and without certain restrictions they may spend carelessly. If you are worried that might be the case after you die, you can set up the trust so they do not come into the inheritance until a certain age. There may be certain conditions attached too.
The Trust Allows You to Organize Finances & Avoid Probate
In putting a trust into place, you will know that your finances and property are organized for the future. This will also give you the peace of mind in knowing that you have delegated which assets go to whom, and your estate will not be going into probate later. With skilled legal help, you will have access to all the information necessary to make educated decisions.
Contact Us Now
Contact Scriber Law Group for a free consultation. We can give you the important information you need regarding estate planning and trusts in Georgia, as well as answering any questions. Call (404) 939-7562 or contact us online for a free consultation.