Alpharetta Living Trust Attorney
Helping Atlanta Area Families Preserve Their Wealth
A trust is a fiduciary relationship in which one person, known as a trustee, holds title to property or assets for the benefit of another person, known as the beneficiary. The settlor is the person who creates the trust. It is essentially a device whereby one or more people manage the property for the benefit of others.
A trust may be created during the settlor's life (living trust or inter vivos trust) or in a will (testamentary trust). A trust created by will does not take effect until the death of the testator. The provisions of a testamentary trust are contained in the will. The provisions of a living trust are created in a trust agreement or declaration.
A common misconception about trusts is that they are only for the very wealthy. In fact, trusts have a number of advantages that can benefit individuals and families in a wide range of situations.
- Trusts can avoid the cost, delay, and hassle of probate.
- Trusts can protect assets for the children of a blended family.
- Real property located outside of Georgia is often subject to ancillary probate. Ancillary probate means that the will may have to be probated in Georgia and the state where the real property is located. This is a very costly and time consuming process. Whether you own a second home, family home in another state, rental property, farm land, commercial real estate, or a vacation home, a trust can be a tool to avoid ancillary probate.
- A will may contain a provision whereby all assets left to a minor will go into a trust for the benefit of the minor.
- Trusts can allow for asset distributions to take place over time rather than in one lump sum.
- Since a living trust is a private document, it does not need to be filed publicly like a will. That means that no one, not an ex-spouse or nosey neighbor, will have access to information about your financial status or your beneficiaries.
There are many different types of trusts, including:
- Charitable trusts
- Insurance trusts
- Living or Inter Vivos trusts
- Revocable Trusts
- Land Trusts
The skilled attorneys at Vayman & Teitelbaum, P.C. will work with you to evaluate your estate planning needs. Contact a lawyer at V&T Law today to see if you or your family could benefit from a trust.
