Do I need a trust? That’s the question we’re discussing in Siedentopf Law’s video series on trusts. In part four, estate planning and probate attorney Sarah Siedentopf talks about trusts and managing assets.
Hi, I’m attorney Sarah Siedentopf. I’m an estate planning and probate attorney in Atlanta, Georgia. Do I need a trust? If you’re wondering who will manage your assets if you suffer from ill health, either mental or physical, you may want to consider a trust. Once you have placed your property into the trust, you can designate either someone else as trustee or someone else as a backup trustee who will be able to manage that property for you. This can help transfer the responsibility of assets from one generation to the next while continuing to provide property for your care and laying out the guidelines for who will get it after you no longer need it. It can also help alleviate the need for a court-ordered conservatorship because if all of your assets are in a trust and you have designated someone else to take care of those assets, there is no need for the court to designate someone to take care of any assets. So, if you are concerned about who will help you with your assets when you cannot manage them yourself, a trust is something you should give consideration to. If you’ve got more questions about this, I’d be happy to talk.
Do I Need a Trust series – Quick Links:
- Do I Need a Trust (part 1) – Trusts and Privacy
- Do I Need a Trust (part 2) – Trusts and Avoiding Probate
- Do I Need a Trust (part 3) – Trusts and Protecting Assets During a Divorce
- Do I Need a Trust (part 4) – Managing Assets through Trusts
- Do I Need a Trust (part 5) – Trusts for Beneficiaries with Special Needs
- Do I Need a Trust (part 6) – Creditor Protection for Your Beneficiaries