Trust administration offers asset protection

As Georgia's population ages, estate planning becomes a valid concern for many families. There are a number of items to consider, such as long term health care, wills, probate, estate taxes and trusts. Many individuals are discovering that their estates are best protected through trust administration.

Trusts can be set up in many different ways. One option is to set up a living trust. With a living trust, assets are placed in the trust for the benefit of the individual. The individual still has access to these assets and can use them throughout his or her lifetime. Then, upon death, assets in the trust can transfer to named beneficiaries.

Other types of trusts can be established based upon anticipated needs. For example, a trust can be established to be used strictly for educational expenses. Or, it is possible that a trust can be created to be paid to the beneficiaries once they reach a specified age. Yet another possibility is that the individual may not wish to leave assets to heirs but instead donate to charities. This can also be done through a trust.

Perhaps one of the primary reasons for establishing a trust is to protect assets and avoid the probate process. While wills must go through the probate courts, trusts automatically transfer to the beneficiaries. This saves both time and money.

There are numerous legal details to be considered when establishing a trust. Beneficiaries will need to be named and any stipulations on the receipt of assets must be properly established. For this reason, it is often best for Georgia residents to work with an attorney experienced in trust administration.

Source: CNBC, "Preparing for the $30 trillion great wealth transfer", Anna Robaton, Nov. 30, 2016

No Comments

Leave a comment
Comment Information

Mr. Teiger, Thank you very much for your time and results. I will definitely recommend you & your firm to anyone who wants to be treated professionally courteously and needs results.Hope all is well.Again...thank you. Regards, Paul L.

msg iconEmail Us For a Response

When you have legal questions or concerns, contact our team at Teiger Law Center, P.C., by calling 678-374-7645, 800-780-2275 or reach us via email by completing our online contact form. From our Cumming and Alpharetta law offices, we represent clients in the Atlanta metro and throughout north Georgia.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cumming Office
514 West Maple Street
Suite 101
Cumming, GA 30040

Toll Free: 866-726-2153
Phone: 678-374-7645
Fax: 770-406-8858
Cumming Law Office Map

Alpharetta Office
12600 Deerfield Parkway, Suite 100
Alpharetta, GA 30004

Toll Free: 800-780-2275
Phone: 678-374-7645
Fax: 770-406-8858
Map & Directions

Review Us