Why You Should Consider Creating a Trust

Many people are not sure if it is better to have a will or a trust. One of the fundamental differences between a revocable living trust and a will is privacy. Wills need to go through the probate process in open court. An artfully drafted revocable living trust need not be probated. If you have accumulated significant assets over your lifetime, you will probably want to keep your estate private. If so, you will want to speak with an Atlanta estate planning attorney from our offices. Here are some other benefits of a revocable living trust.

Control of Distribution

Whoever your beneficiaries are, your trust document will control when and how much of a distribution that any beneficiary of your trust will receive, and when they will receive it. For example, an Atlanta estate planning lawyer can arrange for a beneficiary of your trust to take a distribution at the age of 18 for college expenses, with another distribution at 25 and another distribution at the age of 30.

Incapacity

A revocable living trust allows you to designate yourself as your trustee during your lifetime. Your successor trustee will administer your trust upon your death. Your trust document will also allow your successor trustee to administer over your finances during any periods of incapacity. You need not get a judge’s approval for this. Your successor trustee is automatically in control. For health care decisions, you will probably want a healthcare power of attorney. That is not unusual, and an Atlanta estate planning attorney from our offices can help you with any type of power of attorney that you might want.

Remember that any living trust that you might create is revocable by you. It becomes irrevocable at your moment of passing. Until then, so long as you have the requisite capacity, you can make changes to it from time to time. Contact Cohen & Goodman Law and arrange to speak with an Atlanta estate planning lawyer about a revocable living trust.