It is common to name yourself as trustee but you can choose anyone.
Living trust vs will in georgia.
The average cost for an attorney to create your trust ranges from 1 000 to 1 500 for an individual and 1 200 to 1 500 for a couple.
Choose a successor trustee.
A living trust only can control those assets that have been placed into it.
If you do decide against getting a living trust remember that you ll still need an estate plan.
Because most estates will need an executor to some extent it makes sense to make a will and name an executor even when you leave most of your property through a trust.
If you ever become mentally incapacitated the trust will provide for management of your assets.
Living trusts in georgia.
By creating a living trust you can also plan for an unfortunate situation.
Plus a will can do the following items that a living trust cannot.
In your living trust you name a successor trustee who will manage just the property left through the trust.
In most cases it also makes sense to name the same person for both.
Most importantly however a living trust is useless unless it is funded.
The revocable living trust takes effect as soon as it is singed.
Decide what property to include in the trust.
Using an attorney means that the trust will be completed correctly but the associated fees can greatly increase the cost of creating a living trust.
With a trust you initially serve as trustee and manage the property.
In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime.
If you become.
One of the drawbacks to using a living rust is that even if you have created a living trust you will still need a will.
A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died.
A trustee is chosen who will manage and distribute the assets.
Decide who will be the trust s beneficiaries who will get the trust property.
A georgia living trust is set up by the trustor the person placing assets into the trust.
To make a living trust in georgia you creates the trust document in which you designate who will inherit trust property also called a beneficiary and name the trustee.
Create the trust document.
A living trust is more expensive to set up than a typical will because it must be actively managed after it is created.
A living trust is a popular estate planning option.
Even if you create a living trust you ll still need a will to address any property that s not stored in the trust.
The funding process is necessary but can be tedious.
A living trust at least theoretically provides for a smoother transition of management and ownership of property.
To make a living trust in georgia you.
It s a private contract between you as the trustmaker or grantor and the trust entity.