Many Georgia residents (and those elsewhere) avoid the topic of their own mortality like the plague. Others understand the potential benefits of such discussions, especially when it comes to estate planning. Procrastination in organizing an estate arises for many reasons. Often, it is lack of knowledge about a particular issue, such as trust planning, that keeps people from moving forward with their estate plans.
An estate owner may know how he or she wishes to approach a living will, any powers of attorney deemed relevant or other matters, but may lack necessary information regarding the different types of trusts available. Trust planning is a valid facet of estate planning as a whole. By knowing where to find answers to questions and what resources are available to help navigate the process, much stress can be avoided.
Before decisions can be made regarding what types of trusts to implement, one must have knowledge of what types of trusts exist. What suits one person’s needs and ultimate estate planning goals may not be the most viable option for another. From irrevocable trusts (which cannot be altered in any way after signing) to revocable trusts (known as living trusts because they are created during a trust-maker’s lifetime) to constructive trusts (designated by the court when it determines that, although no trust was signed, a trust was intended), it can be quite confusing and overwhelming to determine which route to take to create a solid, thorough plan for one’s estate.
There are also special needs trusts for Georgia residents who need them. In any case, an estate planning attorney is one of the best resources available. An estate owner may seek experienced guidance about trust planning or any other estate planning issues.
Source: FindLaw, “Types of Trusts“, Accessed on Sept. 27, 2017