The legal terms and categories of probate and estate administration can be complex and difficult for the average estate owner to understand. There are often many variables and choices involved in crafting a thorough estate plan, which may include decisions regarding trust administration. Although, this type of administration typically occurs outside a courtroom, the transferring of assets from a decedent to a beneficiary can be complicated; thus, it is advisable to seek clarification of Georgia laws and regulations before entering the process.
It is not uncommon for people to include revocable trusts as part of their estate plans. Many do so as a means of avoiding probate. Using a revocable trust to transfer assets from a decedent to beneficiaries is typically simpler, swifter and often more economically feasible than the probate process. It is also considered a more private means of distributing assets after death.
A crucial aspect to ensuring that the trust administration process is able to function as intended is that of funding a trust. There are several ways to fund a trust, and each benefactor will want to explore all options in order to choose that which best serves that individual’s needs and last wishes. An experienced probate and estate administration attorney would be able to clarify all available options to help an estate owner determine the best course of action.
With regard to funding in the trust administration process, there are certain assets that are not required to be funded as part of a revocable trust. These include retirement accounts and insurance policies. In Georgia, anyone with questions about revocable trusts or the administration process may seek legal counsel either as a benefactor or beneficiary in order to gain a clearer understanding of all that is entailed so as to avoid complication and stress when the time for assets to be transferred is at hand.
Source: hg.org, “Warding Off Living Trust Disasters: Issues to Consider when Funding your Living Trust”, John C. Martin, Accessed on May 23, 2016