Emert Law Firm, LLC
Call for a consultation
678-926-9284

trusts Archives

Why trusts are useful in an estate plan

When people in Georgia think about planning for the future, they may be concerned about how they can best ensure that their assets are distributed according to their wishes. They may also want to do everything they can to ensure reliable support for their loved ones. As a result, many people turn to trusts as part of the estate planning process. Trusts offer a greater level of flexibility, customization and control than other estate instruments. In addition, they do not need to go through the probate system, so they do not become public record, offering more privacy in the process.

Single parents and estate planning

For single parents in Georgia, estate planning involves important decisions that can have a huge impact on the future of a child. These decisions are based on a variety of factors that include both the capabilities and the limitations of offspring, and they consider things like schooling, living arrangements, friendships, and financial stability. A solid estate plan creates a situation where a child can seamlessly transition into a new life after the death of their single parent.

Estate planning decisions are not always easy

Many people have a difficult time making estate planning decisions because they find it unpleasant to face their own mortality. Others recognize the importance but face hard choices based on specific issues with certain members of their family. This can be especially true when it comes to asset protection for high-net-worth Georgia residents.

Review estate documents regularly to avoid surprises

When Georgia residents with significant means think about the future of their property, they may have a vision for how their assets will be distributed to those they care about. Still, many people refrain from in-depth overviews of their estate because of the complex interpersonal and emotional questions that the task can raise. However, for people with wealth, it can be particularly critical to have a comprehensive plan in place. Preparing a will or creating a trust is a great step forward, but it can be important to regularly review the plan.

There are many trusts to choose from

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.

Designing trusts an heir with substance abuse problems

Estate planning in Georgia can be a complicated process, especially if some beneficiaries have special needs. For heirs with developmental disabilities, there are specific trusts with appropriate wording that can prove useful. If the beneficiary has a problem with substance abuse, this may present a more nuanced situation that can't be solved with a traditional disability trust.

Informing children and other beneficiaries about a trust

One of the most common reasons for setting up a trust in Georgia, or any other state for that matter, is to generously provide for children or grandchildren. Typically, distributions won't begin until many years later. Because of this, some individuals who set up trusts tend to hold off on letting children, grandkids, or other beneficiaries know about the wealth or assets that may be coming their way.

Estate planning and charitable giving

By giving to a charity, a Georgia resident can feel like they're giving back to the community they love. While some donate every year or work as volunteers, others make their biggest contributions at the time of their passing. A solid estate plan can help ensure a healthy chunk of change goes to an important charity

Email Us For A Response

Schedule A Free Initial Estate Planning Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

6340 Sugarloaf Parkway
Suite 200
Duluth, GA 30097

Phone: 678-926-9284
Fax: 770-932-5195
Duluth Law Office Map