A revocable living trust outlines how you want your assets to be distributed after your death. It offers the advantage of avoiding the probate process, which is a primary goal for many people planning their estates.
What Is Probate and Why Avoid It?
Probate is the court-supervised process for distributing a person’s assets after death. If there is a will, assets are distributed according to their will. If they did not have a will, assets are distributed under Georgia’s intestacy laws. The process is often time-consuming, expensive, and public. This can be concerning for individuals who value their privacy and want to minimize their legal expenses.
How a Revocable Living Trust Helps
How does a revocable living trust help? By placing your assets into a living trust, you allow them to be managed and distributed by a trustee you chose to appoint, without court involvement. During your lifetime, you serve as your own trustee and maintain full control over your assets.
Upon your passing or incapacity, a successor trustee that you’ve chosen will step in to manage and distribute the assets of the trust according to your instructions.
A revocable living trust gives you the ability to adjust the terms of the trust or revoke it entirely while you’re alive and competent. This means that you can determine how, when and to whom your assets will be distributed. Your beneficiaries can include people, charities, or other entities.
Is a living trust right for you? If you want to ensure a smooth transfer of assets without court delays, a living trust may be the right choice. While the process may seem complex, working with an experienced attorney can help make the process straightforward.
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At Fletcher Estate Planning, we help individuals and families across Georgia create effective, personalized estate plans. If you need help, please give us a call!
