While an irrevocable trust may help with asset protection and lower estate burdens, they may not be right for everyone. Once the trust is created and assets are put in it, the assets belong permanently to the trust until distributed to the beneficiary. An irrevocable trust may be created and funded while a Georgia resident is alive or created during life and funded after the grantor passes away.
Using a trust protector to help manage a trust
Georgia residents who are creating a trust as part of their estate plan might be concerned about disputes that may arise around the trust or that their intentions might not be carried out. A trustee is the person who administers a trust, but a trustee might run into a conflict with beneficiaries or may lack the authority to make needed changes to the trust. Appointing a neutral third party as a trust protector may help prevent these problems.
When to make a trust in Georgia
For many people, a will is sufficient for estate planning purposes. However, there may be situations when a living trust better fits an individual's needs. For instance, those who care about their privacy may want to create a trust. Assets in a trust generally don't go through probate, which is the process of distributing assets after the head of an estate passes away. In addition to being a public process, probate is also time consuming and expensive.
