One goal of many Georgia residents when it comes to estate planning is to limit or eliminate the chances of fighting among surviving family members after they pass away. In many cases, a last will and testament will only get them part of the way to that goal. A revocable living trust could increase the chances of avoiding probate litigation.
The primary benefit of a revocable living trust is that the assets in it do not go through probate. This could save a Georgia resident’s estate from having to pay professional fees for a time-consuming probate, along with the fees the executor could receive. Furthermore, the fewer assets that are involved in a probate, the less likely it is that will contests may occur.
Revocable living trusts are also customizable to a particular person’s wishes and needs. The trust’s creator (grantor) retains control over how and when distributions are made through its provisions. This is especially helpful if minor children (who cannot directly inherit assets), beneficiaries who are not good with money or have special needs are involved. Many people are under the impression that only the rich need trusts, but the reality is that anyone can benefit from one.
These trusts are set up during a person’s lifetime, and changes can be made to them during that time. Its provisions become irrevocable after death. The assets in the trust become available for distribution immediately, and probate litigation could be avoided. To enjoy the benefits of such a trust, it needs to be properly drafted and executed to help ensure that it would stand up to the scrutiny of a court.
Source: tcpalm.com, “The Advantages of a Revocable Living Trust“, Robert D. Schwartz, Jan. 17, 2017