Georgia residents who are interested in creating a strong estate plan may want to consider using a trust. Parents who have children with disabilities could benefit from using a special needs trust while individuals who want to help a favored cause could create a charitable trust. A charitable trust allows an individual to benefit from an asset while alive and then transfer the remaining value of that asset to a designated organization.
Special needs trusts can be ideal because they can allow a child to obtain government benefits and receive assets from the trust. However, it is important that the trust is structured properly to ensure that this happens. A living trust is among the most common types of trusts that a person can create. The person who creates it can be both a beneficiary and a trustee.
This provides the power to put assets into and take assets out of the trust. It is also possible for an individual to change the terms of the trust or revoke it entirely if need be. With an incentive trust, a beneficiary only receives his or her inheritance by meeting criteria set out in the document itself. The person who creates the trust can choose to have specific beneficiaries included in such a trust or hold everyone to the same conditions.
Individuals who want to learn more about trusts may want to speak with an attorney who can explain the differences between an irrevocable and revocable trust. Individuals may also learn more about how to create or amend a trust in accordance with state law.