When it comes to legacy and estate planning, people more than likely think about wills. While having a will can be a powerful step, it doesn’t have to be the end-all-be-all measure for preserving assets. Trust can also play a valuable role.
Trusts are often popular additions to estate plans because they offer more specificity and security for certain assets. Probate has received its fair share of complaints, whether due to its length, the stress of dealing with creditors and taxes, or other reasons. Georgia residents who want greater control of how their estate moves on after them may opt for a trust.
Why a trust may be just the thing
While meeting with a legal advocate can give you a far better understanding of what is possible, let’s briefly touch on it here. As mentioned before, the benefits of trusts can come down to privacy, protection, and control.
- Privacy: Even if a will seems like a private matter within a family, it is a public document.
- Protection: There are a number of reasons why an estate’s claims can be scrutinized. If the estate deals with financial problems, whatever assets are in the trust are excluded from judgment.
- Control: Georgia residents who are interested in passing on specific assets with specific terms can benefit from trusts.
That being said…
There are a variety of trusts, which can help create a vibrant estate plan, provided they’re chosen effectively. Georgia residents who crave flexibility regarding their trusts will likely not appreciate irrevocable trusts. Once you set it up, you can’t adjust or terminate it later on.
Georgia residents who are familiar with the ins and outs of trusts can make more informed decisions on including trusts in their estate plan.
For instance, if you wanted to set up a trust, but wanted the flexibility of being able to adjust or even terminate the trust later on, an irrevocable trust probably wouldn’t be for you. Talking with a legal advocate with experience developing and polishing estate plans can be vital.
Writing out a will can be quite a feat. While Georgians may be hesitant to start, along the way they may find the motivation to keep developing their estate plan. Trusts can be a healthy addition to a polished estate plan.