Creating a basic estate plan might be sufficient for some people in Georgia, but many people have complex issues that they need a little more help to address. Revocable living trusts can serve important functions in estate planning and have a wide range of applications. Here are just a few ways that incorporating a revocable trust into an estate could be helpful.
Virtually no one wants to see their hard earned assets get eaten up by lengthy government processes. While probate might serve an important function in some cases, it can be costly and time-consuming. Putting assets into a revocable trust can bypass probate altogether. Probate is also part of the public record, so those who are concerned about privacy might feel especially drawn toward using a revocable trust.
It is also possible to set up other assets to flow into the trust after the grantor’s — the trust creator’s — death. Things like retirement accounts, assets from the will, life insurance policies and more can all be directed into the trust, effectively keeping these assets out of probate as well. The trustee — the person tasked with overseeing the trust — will manage the assets according to the grantor’s instructions, paying out to beneficiaries when necessary.
One of the biggest draws of revocable trusts is that they can be changed or revoked entirely during the grantor’s lifetime. However, that does not mean that Georgia residents should create these trusts carelessly with the intention of changing things around later. Working with an attorney who is experienced in estate planning can potentially help ensure that individuals end up creating the best possible plans.