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Let’s talk about how to set up a living trust in Georgia.
In this article you’ll learn:
Let’s dig in.
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A living trust in Georgia is an arrangement that allows you to manage and distribute your assets during your lifetime and after your passing.
Living trusts are also known as revocable living trusts or inter vivos trusts.
It is established by a legal document called a trust agreement.
It is created by a grantor to hold and manage their assets for the benefit of themselves and their chosen beneficiaries.
Here are the key elements and features of a living trust in Georgia:
Read More: Do I Need A Trust To Avoid Probate
Here’s a general guide on how to set up a revocable living trust in Georgia:
Read More: Does Your House Have To Be Paid Off To Put It In A Trust
Putting property into a living trust in Georgia has steps to legally retitle the property in the name of the trust.
This process helps ensure that the property is governed by the terms of the trust.
It also helps avoid probate upon your passing.
Here’s a guide on how to transfer property into a living trust in Georgia:
Read More: How Much Do Trusts Cost?
Here is how much a living trust costs based on the complexity of your living trust:
On average, you will pay anywhere from a few hundred dollars to several thousand dollars to make a living trust.
For a relatively straightforward living trust with a single grantor, a few assets, and standard provisions, the cost may range from $1,000 to $3,000 or more.
Let’s say your estate is more complex.
For example, maybe you have multiple assets, or you require customized trust provisions.
The cost can be higher, often ranging from $5,000+.
Read More: How Much Does A Living Trust Cost?
For estate planning in Georgia, individuals have the option to choose between:
Each option has its advantages and considerations.
The choice between a living trust and a will depends on individual circumstances and preferences.
Here is a comparison of a living trust vs. a will in Georgia:
Living Trust:
Will:
Read More: What Assets Cannot Be Placed In A Trust?
While living trusts offer many benefits in estate planning, there are also some downsides of a living trust to think about.
These downsides primarily depend on individual circumstances and goals.
Here are some potential downsides of a living trust:
Read More: What Are The Disadvantages Of Putting Your House In A Trust?
The grantor is the legal owner of the property both before and after transferring it into the revocable trust.
This means that they have the right to buy, sell, use, or manage the property as they see fit.
In a revocable trust, the grantor often also serves as the initial trustee, maintaining control over the trust assets.
As trustee, the grantor continues to manage and use the property as if it were not in the trust.
While the grantor is alive and mentally competent, they are typically the primary beneficiary of the revocable trust.
This means that they can enjoy the benefits of the trust assets.
It’s important to note that the revocable trust is a legal entity separate from the grantor, and the trust itself is the recipient of the property.
Because the grantor maintains ownership and control, there is no change in their ability to use or manage the property once it’s placed in the trust.
Read More: What Happens To An Irrevocable Trust When The Grantor Dies?
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