How to fund a living trust

Georgia estate owners who wish to set aside property for their loved ones, but who also wish to help family members avoid probate, may wish to explore options that can help them achieve both goals. Setting up a living trust is a common means for managing property while keeping taxes low. However, merely setting up a trust is not enough; in fact, it is no good at all if property or assets are never transferred to it.

There are typically two ways to fund a living trust. A person can transfer property or assets to a living trust while he or she is still alive. Another option is to arrange for all assets to pour over into the trust after the estate owner has died. This is commonly referred to as a pour-over will.

The type of property or assets a person wishes to transfer influences the means he or she may choose to fund a living trust. For instance, some assets involve a title. These might include a car or real estate, in which case the name on the title must be changed from the owner of the asset to the trustee to whom the property is being transferred through a trust.

Intellectual property, jewelry, clothing and other non-titled assets necessitate a transfer of rights to ownership as opposed to a transfer of title. A person who is the beneficiary of certain assets may wish to transfer his or her name as such to the name of a designated trustee. Anyone with questions or concerns regarding a living trust or other estate planning documents can seek support by scheduling a consultation with a Georgia attorney who is well-versed in such issues.

No Comments

Leave a comment
Comment Information
Email Our Lawyers

Contact Us To Find Out How We Can Help You And Your Family

Call 866-253-6994 or fill out the form below to set up a consult with J. Kevin Tharpe to
talk about your wishes and ways he can help you accomplish your goals.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Gainesville and Young Harris for your convenience.

Gainesville Office
405 Broad Street SE
Gainesville, GA 30501

Toll Free: 866-253-6994
Phone: 866-253-6994
Phone: 770-503-1022
Fax: 770-531-5511
Gainesville Law Office Map

Gainesville Office

Young Harris Office
1352 Main Street, Suite 1
Young Harris, GA 30582

Toll Free: 866-253-6994
Fax: 770-531-5511
Young Harris Law Office Map

Young Harris Office