Emert Law Firm, LLC
Call for a free consultation
678-926-9284
View Our Practice Areas

Retitling assets into trusts is an important step

For some people in Georgia, the prospect of the estate planning process can seem daunting. However, they recognize the importance of completing the task and work to create the necessary documents. For many, this may include the creation of trusts. But once a trust is created, the work still is not complete; the creator of the trust, the settlor, must ensure that the trust is properly funded.

Many who create trusts do so to help their beneficiaries avoid the public and often lengthy and expensive probate process. Unfortunately, they may not retitle their assets into the fund after the creation of the trust. For example, a couple has a retirement account that lists their children as beneficiaries. Upon their death, the retirement account skips the trust, potentially creating financial complications for the children. If there is a supplemental needs trust involved for an adult child who receives government aid, for example, his or her benefits may be affected because the asset would go directly to the beneficiary, not to the trust.

Additionally, failing to retitle a home into a trust can cause additional complications. The house and any other assets not retitled into the trust will have to go through the probate process. Additionally, the trustee of the trust will not be able to manage the assets in the event of incapacitation unless additional actions are taken.

Many people in Georgia agonize over decisions when it comes to the distribution of their assets, including the creation of trusts. However, what may seem like insignificant oversights can ultimately derail a person's vision for his or her estate. Working with an experienced estate planning professional may be the best option for ensuring a person's wishes are met.

Source: poughkeepsiejournal.com, "Proper estate planning more than just documents", Bernard A. Krooks, Feb. 2, 2017

No Comments

Leave a comment
Comment Information
Best of Gwinnett 2016 state bar of georgia wealth counsel

Contact the Emert Law Firm, LLC

Emert Law Firm, LLC
6340 Sugarloaf Parkway
Suite 200
Duluth, GA 30097

Phone: 678-926-9284
Fax: 678-559-0777
Map & Directions

Emert Law Firm, LLC
2550 Hamilton Mill Rd
Buford,, Georgia 30519
By Appointment Only

Phone: 678-288-2010
Fax: 678-559-0777
Map & Directions