For Georgia residents considering their estate planning options, living trusts may offer some attractive features. While wills are a good place to start an estate planning journey, it's worthwhile to consider the benefits of a living trust. The reason they're named living trusts is because they are created during one's lifetime.
There are two basic types of living trusts, revocable and irrevocable. It's possible to change a revocable trust if circumstances change. In the case of an irrevocable trust, the terms cannot be altered, so it's important to fully understand the terms prior to completing the trust.
Some of the benefits of a living trust include the ability to reduce estate taxes, protect assets from loss due to divorce. They can also be used to set money aside to care for minor children in the event of parental death. Some families also rely on a living trust to ensure that adult children who struggle with drugs or alcohol don't squander their inheritance.
Living trusts also keep the family's assets private, as opposed to a will that goes through the probate process. That's a big consideration for some families, and a common reason to pursue a trust. One final benefit of a living trust is the opportunity to set up finding that could be used in the case of incapacitation, which is important for singles and people with no extended family.
For those in Georgia who are considering various estate planning options, living trusts should be an item of discussion. Wills are a great place to begin thinking about estate planning, but a living trust offers even more advantages. To learn more, schedule a time to sit down with an estate planning attorney to review all available options.