Trusts

What is a Trust?

A trust is an arrangement in which one person (the Trustee) holds and manages property for the benefit of another person (the Beneficiary).

What's the Difference Between a "Living Trust" and any other Trust?

A "living trust" is a trust that you set up and fund while you are alive. The legal term for such a trust is "inter vivos." A trust that becomes effective only upon your death would not be a living trust. This type of trust is called a "testamentary trust."

Should I Use a "Living Trust" To Avoid Probate?

In Georgia, probate is not expensive, and there is no need to focus on "avoiding probate."

Who Needs a Trust?

Trusts can be used for many purposes. For persons who are elderly or incapacitated, setting up a trust with an institutional trustee (such as a bank or trust company) provides professional asset management and practical assistance, such as payment of monthly bills. Trusts can also be an important estate planning tool for those seeking to avoid federal estate taxes, make charitable gifts, or protect assets for future generations.

 

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