Atlanta Estate Planning, Wills & Probate | Siedentopf Law

Atlanta Wills and Trusts: Controlled Asset Management

Why Do You Need a Trust in Georgia?

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When you hear the term “trust” in estate planning, you may think it’s meant only for the wealthy. However, it’s actually a valuable tool that can be used by everyone!

Trusts offer many benefits that are not available when you only have a will. A will is subject to probate which takes time to deal with. Your assets are not immediately available to your beneficiaries. A trust does not go through probate. Your designated trustee can immediately transfer assets to your beneficiaries without the time and fees associated with probating a will.

A trust offers you more privacy than a will

When a will is entered into probate, it becomes a public document. The extent of your estate, and to whom you have distributed your assets, become public knowledge. Trusts are private, and no one but your trustee has access to that information unless you choose to share it. In addition, individual beneficiaries need not be aware of what is being given to others. This level of privacy can cut down on infighting and hurt feelings if you choose not to distribute your estate evenly.

A trust makes it easy for you to direct funds to people and causes you care about. You can specify charities or other organizations to receive portions of your estate, and your trustee is legally bound to carry out your wishes.

It’s not how much you have, but what you want done with it, that matters

The need for trusts is not governed by the size of your estate, but rather by your needs and desire to protect and provide for yourself and your family in the most efficient and beneficial way. Speak with an experienced Atlanta Wills and Trusts attorney today!

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What if I change my mind about what I want done with my assets?

If your trust is revocable, you can make changes to the beneficiaries and your designated trustee at any time. You will be able to pull assets out of your trust and sell them, or add new assets to the trust at any time, as long as you are competent to do so. Many people name themselves as trustee of a revocable trust, giving them the opportunity to directly manage the trust assets on their own. It is also common to name your spouse as trustee.

Learn more about Probate and how to avoid it

What about my Children?

You can also provide for your minor children through a trust. This allows for your trustee to gain immediate access to your assets to provide and care for your children without requiring intervention from the court. The need for this can arise if you die, but also can come into play should you become incapacitated or otherwise unable to act on their behalf. Your trustee can also care for you and manage your assets in case of emergency.

For Georgia Residents

What Type of Trust Do I Need?

Still not certain that a trust is for you? Let’s dive a bit deeper…

Living Trusts

This is a general category of trusts which you create and fund during your lifetime, as opposed to a testamentary trust which is inside your will. Living trusts avoid probate, and after your passing, your assets will be transferred to your beneficiaries by your trustee.

Testamentary Trusts

This trust is inside your will and allows for flexibility such as only setting up the trust if it is needed for minors. While the will still has to go through probate, such a trust can protect assets being inherited by minor children until they are old enough to manage them.

Marital Trusts

This trust leverages the unlimited marital deduction for federal estate taxes, which helps ensure your surviving spouse keeps all marital assets. Only after both have passed are any estate taxes assessed. When the surviving spouse dies, the trust passes to their heirs.

Minor Trusts

This trust allows your trustee to hold assets until your minor child has reached the age of majority or age you specify. The trustee will be able to use trust funds to support the child and they are required follow your specified fund disbursement directives when doing so.

Spendthrift Trusts

This type of trust allows a trustee to decide how the trust funds will be spent for the benefit of the beneficiary. Advantages are that creditors of the beneficiary cannot touch the funds, and it can help inheritances inside the family in the event of the beneficiary's divorce.

Charitable Trusts

These types of trusts are beneficial in that you can leave a charitable legacy and also benefit from tax deductions. You can set up your own charitable foundation or give to a donor-advised fund. If done properly, your family and community alike can greatly benefit.

Credit Shelter Trusts

Here, a married couple can reduce estate taxes by leaving the estate of the passed spouse in a trust that allows the surviving spouse to use the income, but not have complete control of the assets. Upon passing, trust assets go to beneficiaries and are not counted for estate taxes.

Insurance Trusts

This irrevocable trust is set up with a life insurance policy as an asset. The policy will not be counted as part of the taxable estate and is well protected from creditors. However, very specific rules for maintaining the trust and the insurance policy must be adhered to.

Property Trusts

This more restrictive marital trust allows the surviving spouse to use the income of the trust only and if allowed. They can have the greater of $5K or 5% of trust assets each year. This type of trust is useful in 2nd marriages where assets are being preserved for children.

Atlanta Wills and Trusts Attorney
Planning Matters

Why Should Georgia Residents Start Will Planning Now?

If you are an individual who values planning, control, and privacy, Siedentopf Law can help you with the creation or management of your trust. Even if you already have a trust in place, you should consider creating a Pour Over Will that designates child guardians and covers anything that may have inadvertently been left out of the trust. Will planning is a necessity that everyone should take advantage of. Talk to our experienced Atlanta wills and trusts attorney team at Siedentopf Law today!

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Choosing a Will or Trust

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How to Pick the Right Wills and Trust Attorney in Atlanta

When it comes to selecting a wills and trust attorney, you want to make sure you choose someone who is experienced and knowledgeable in this area of the law. You also want to make sure they are easy to find when people search for them online. Here are some tips for choosing the right wills and trust attorney in Atlanta:

  • Make sure the attorney has experience in this area of the law. You can check their website or ask for referrals from friends or family.
  • Check out the attorney’s reputation online. Look for reviews on Google, Yelp, Bing, Facebook, and the Better Business Bureau.
  • Schedule a consultation. This will give you a chance to meet with the attorney and get a feel for their personality and how they handle cases.

By following these tips, you can be confident you are choosing the right wills and trust attorney in Atlanta for your needs.

What is a Revocable Living Trust?

A revocable living trust is an estate planning tool that can be used to manage your assets and distribute them to your beneficiaries after your death. Unlike a will, a revocable living trust does not have to go through probate, which can be a lengthy and expensive process. 

Additionally, a revocable living trust can be revoked or amended at any time, giving you the flexibility to change your mind about how your assets should be distributed. For these reasons, a revocable living trust is an attractive option for many people who want to ensure that their loved ones are taken care of after they’re gone. If you’re interested in setting up a revocable living trust, be sure to consult with an experienced estate planning attorney who can help you create the right trust for your needs.

  • Make sure the attorney has experience in this area of the law. You can check their website or ask for referrals from friends or family.
  • Check out the attorney’s reputation online. Look for reviews on Google, Yelp, Bing, Facebook, and the Better Business Bureau.
  • Schedule a consultation. This will give you a chance to meet with the attorney and get a feel for their personality and how they handle cases.

By following these tips, you can be confident you are choosing the right wills and trust attorney in Atlanta for your needs.

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Do You Need a Lawyer to Set Up a Trust?

There are many reasons why you should use a lawyer to set up a trust. A trust can be a complex legal document, and it is important to make sure that the document is properly prepared and signed. 

In addition, a trust can have tax implications, and an experienced attorney can help you to understand the potential tax consequences of setting up a trust. The right Atlanta trust attorney can also help you to choose the right trustee and ensure that the trustee understands his or her duties. 

Finally, if you have questions or concerns about setting up a trust, an attorney can provide you with sound legal advice. Using a trust attorney if you live in Atlanta to set up your trust is the best way to protect your interests and to ensure that your trust is properly managed.

Will vs Trust in Georgia

If you’re considering creating a will or trust in Georgia, you may be wondering what the difference is between the two. In general, a will is a document that outlines how you would like your assets to be distributed after your death during the probate process, while a trust is a legal entity that can hold and manage assets on your behalf. 

 

There are several benefits to setting up a trust, including avoiding probate and protecting your assets for your beneficiaries. However, trusts can be more complex and expensive to set up than wills, so it’s important to consult with an experienced wills and trust attorney to determine which option is right for you.

 

When it comes to planning for your family’s future, you want to make sure that your wishes will be carried out exactly as you intended. The best way to do this is to consult with a wills and trust attorney. They can help you understand the difference between a will and a trust, and which one is right for your unique situation. With their guidance, you can be confident that your loved ones will be taken care of exactly as you wanted. Don’t leave the future of your family up to chance, consult with a wills and trust attorney today.

In addition, a trust can have tax implications, and an experienced attorney can help you to understand the potential tax consequences of setting up a trust. The right Atlanta trust attorney can also help you to choose the right trustee and ensure that the trustee understands his or her duties. 

Finally, if you have questions or concerns about setting up a trust, an attorney can provide you with sound legal advice. Using a trust attorney if you live in Atlanta to set up your trust is the best way to protect your interests and to ensure that your trust is properly managed.

How is Siedentopf Law Different from Other Wills and Trusts Lawyers?

Siedentopf Law is different from other wills and trusts lawyers because we listen. We know that every client has their own unique situation, and we take the time to understand your specific needs. We then create a plan to ensure that your wishes are carried out exactly as you want. 

Whether you’re looking to create a trust, choose a guardian, or simply need help with estate planning, we will work with you to find the best solution for your situation. At Siedentopf Law, you can be confident that your wishes will be carried out exactly as you want.