Parents in Georgia typically want what’s best for their children. One way to ensure a child has a financially secure future is by setting up a trust to provide for them when a parent no longer can. Trusts are an effective method to specify one’s wishes with regards to how people want their assets distributed, and they offer other benefits compared to other estate planning instruments.
Providing for minor children
Not only for the rich and those with considerable means, trusts allow people of all income levels to specify how they want their assets distributed upon their passing. Like a will, a trust can include detailed instructions regarding assets and other property as well as who will receive those assets. However, a trust also allows for other benefits, including the following:
- A trust typically does not have to go through probate
- A trust owner can manage assets within the trust over his or her lifetime
- A trust owner can specify exactly how they want their assets distributed, with guidelines and caveats
- Since minor children cannot be expected to manage money, a trust allows for a trustee to be named to administer the account until a child reaches the age of majority or meets the requirements specified in the trust
If long-term security for one’s heirs and loved ones is a primary concern of an individual, he or she can investigate creating a trust that will meet his or her goals. By working with an experienced estate planning attorney, a person can gain a full understanding of the process involved with creating a trust. A lawyer will also remain on hand to address any issues that may arise during or after the trust creation process and subsequent administration.