Understanding Georgia Trusts
Find answers to common trust planning questions and learn how a trust might benefit your estate plan before connecting with Attorney Sarah Siedentopf.
Frequently Asked Questions
Answering Your Top Legal Trusts Questions
What is the best way to set up a trust?
+The best approach to setting up a trust is to work closely with an experienced Atlanta attorney. They can draft the trust document, facilitate asset transfers, and choose the appropriate trustees and beneficiaries.
What are the tax implications of creating a trust?
+The tax implications of creating a trust depend on the specific type of trust. Some trust structures may offer tax advantages, while others may have minimal tax impact. It’s crucial to consult with a professional to understand the nuances.
Can I be the trustee of my own trust?
+For a revocable living trust, you can indeed serve as the trustee during your lifetime. However, for irrevocable trusts, it’s often advisable to have an independent third-party trustee to ensure impartiality.
What's the benefit of creating a trust fund for children?
+Trust funds for children allow you to control how and when assets are distributed, potentially protecting the assets until the child reaches a certain age or milestone.
Can a trust be changed after it's created?
+Revocable trusts can be changed, while irrevocable trusts generally cannot be altered without court approval or consent of all beneficiaries.
What If I Change My Mind About What I Want Done With My Assets?
+If your revocable trust allows for changes, you can easily adjust beneficiaries, trustees, and assets in and out, as long as you remain mentally competent. This flexibility better allows you to directly manage the trust yourself or name your spouse or other loved one as a co-trustee.
What’s The Difference Between A Trust And A Will?
+A will is a straightforward legal document outlining instructions for distributing assets to beneficiaries after one’s passing and requiring court supervision. In comparison, a trust is a more intricate legal arrangement. It transfers property from individual to trust ownership, which is then managed by a designated individual on behalf of the beneficiaries.
Should I Start With A Will & Then Upgrade To A Trust?
+Starting with a will before creating a trust may work for your estate plans. However, if you plan on upgrading soon, we suggest making a more cost-efficient decision to develop both your will and trust at the same time. Watch our video, Do You Need a Will if You Have a Trust?
What type of trust do I need?
+We offer services for the following types of trusts:
- Living Trusts
- Testamentary Trusts
- Marital Trusts
- Minor Trusts
- Spendthrift Trusts
- Charitable Trusts
- Credit Shelter Trusts
- Insurance Trusts
- Property Trusts
Do I Need A Lawyer To Create A Trust?
+We highly recommend working with an experienced Atlanta attorney like Sarah Siedentopf to ensure the trust is properly structured and legally sound. Watch our video Creating a DIY Living Trust.
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