The use of a revocable trust can offer many benefits to those living anywhere in the country. For instance, those who have property in Georgia and other states can simplify the process of settling an estate by putting it all into a trust. Furthermore, an individual may benefit from the fact that the terms of a trust don’t need to be made public. Therefore, it is possible that only beneficiaries will know the details of a person’s estate.
A revocable trust generally won’t protect the property from creditor claims while the grantor is still alive. However, it can provide asset protection from future generations. This is usually true assuming that a beneficiary has no access to the principal of the trust. Instead, the law allows for a beneficiary to receive an income from the trust to assist with health, educational or other needs.
This can be an ideal scenario for parents who aren’t sure that a child could manage property on his or her own. It could also be a good way to protect assets in the event that an adult son or daughter gets a divorce in the future. By keeping assets in a trust outside of an estate, it may reduce or eliminate the need to pay federal estate taxes.
Individuals who want to protect assets today or preserve their legacies for the long-term may want to consider adding a trust to their estate plan. Doing so may make it easier to meet those and other goals that they may have. An attorney may be able to review any trust that a person currently has or explain the process of creating a new one. Creating a trust with professional assistance may ensure that it is structured properly and in accordance with applicable law.