Many people in Georgia have detailed plans regarding how they expect their lives to go. They plan for the future by working hard and saving for retirement. Unfortunately, the unexpected can happen at any moment, completely destroying a person’s plans for the future. If the person has planned for all eventualities and created an estate plan, the burdens on his or her family may be less. Using tools such as trusts, it is even possible to avoid the lengthy, public and sometimes expensive probate process.
A trust has several benefits. Many people assume that such a tool is only for the wealthy. It is true that those with significant assets can protect their estate from federal taxes in some situations by placing them in a trust. In fact, the families of several deceased famous people could have potentially avoided years of legal fights and expenses if a trust and other aspects of an estate plan were in place. However, avoiding probate is a benefit from which even those inheriting a modest estate can benefit.
While a person may worry that he or she will lose control of his or her estate by creating a trust, a revocable living trust can be changed at any point during the person’s life. A person is named to manage the disbursement of the trust following The trust creator’s death. That person follows the direction the owner of the trust has set regarding distribution.
Family members coping with the death of a loved one in Georgia often have a great deal of emotions with which to cope. Settling an estate can often be a lengthy process if proper estate planning, including the creation of trusts, has not been completed. Fortunately, an experienced attorney can help ensure that some of the burdens experienced by grieving loved ones are reduced as much as possible.
Source: thespectrum.com, “A trust is a must — for complete control over assets“, Bo Bingham, Oct. 14, 2016