Many families in Georgia choose to take measures that will allow them to ensure that the needs of their family are met even when they are no longer around. One way to do this is through the creation of trusts. Although they can be complicated to create, many people have found a revocable living trust the perfect estate planning tool.
Some professionals describe a trust as being similar to a box. Items are placed in the box, and a document is created, often by an experienced attorney, to provide instructions on how the box will be maintained and accessed. For example, the document will name a trustee to manage the box as well as directions on how and when items can be removed from the box and by whom.
Despite the usefulness of such a tool, failing to properly fund a trust will mean that a person’s wishes are not met. For many, funding the trust means changing the beneficiaries to certain assets or changing the deed of a house. Fortunately, a trust has a great deal of flexibility, allow each settlor — or person who creates and funds a trust — to ensure that its details are tailored to meet his or her individual needs.
Because of the complexity of trusts, many people in Georgia ask an experienced estate planning attorney to help them through the process. Such a person can ensure that the appropriate tool is being used for each situation. Often, taking the measure of creating a trust can help family members in a time of grief while ensuring that the settlor’s wishes are known and met.
Source: hingham.wickedlocal.com, “PLANNING MATTERS: Trusts 101: Trust Basics“, Leanna Hamill, April 2, 2017