Trust-Based Estate Planning Attorney In Atlanta
Trust-based estate planning is used in situations when you need a more
sophisticated estate plan or you have estate planning goals or personal
needs that cannot be accomplished with only a will.
Find out what type of documents you need in your estate plan at a
free evaluation with the Meyring Law Firm. We have 10+ years of experience counseling
residents of Atlanta and helping them protect their future!
Call (678) 956-7380 or
submit an online form for your complimentary phone evaluation.
How Trusts Can Benefit Your Estate Plan
The most common use of trusts in estate planning often focuses on transferring
real estate, possession, and money assets to the trust for the purpose
of transitioning the ownership to the client's family and friends.
The trust-based estate plan is the most thorough and comprehensive estate
planning solution but it is not for everyone and it can be complex.
Trusts also can be used to:
- Help a family avoid probate
- Keep the handling of family legacy money completely private
- Provide the ability to manage monies for child beneficiaries
- Help minimize, defer, and plan for estate taxes or death taxes
- Conduct and manage a wide variety of business interests
- Earn interest income on the assets in the trust
- Protect a person's assets from collectors, divorces, and financial judgments
- Help keep a person's disability benefits
- Help an elderly person qualify for Medicaid
- Help a younger person maintain an individual education plan
Trusts can help easily transfer assets to the next generation when a parent
passes away. The Meyring Law Firm brings a great degree of skill and experience
to our clients to draft effective trusts that meet clients' planning
goals. The Firm also supports the trust in the years after the trust is
set up so that clients will have access to the many benefits of their
trust-based estate plans.
Will-Based Estate Plans Are Not Private
If you are looking for a more sophisticated estate plan that is private
from the public eye, trust-based estate plans may be what you need. Will-based
estate plans and trust-based estate plans are very different in that
trust-based estate plans remain private.
Will-based estate plans become
public court records. Estate plans are filed with the local probate court, which means that
it becomes a public court record, and therefore, anyone can see it.
The public record will reveal all of the following details:
- What you owned
- Who you owed
- Who will inherit your estate
- Each heir's name
- Each heir's address
- Name / address of the executor
Elements of a Trust-Based Estate Plan
With a trust-based estate plan, your last will and testament will contain
instructions regarding how your property must be distributed after you
pass away as well as provisions for your minor children.
If you have selected a trust-based estate plan, your foundational estate
plan will need to include the following essential legal documents:
Revocable Living Trusts
Your plan will also include a revocable living trust. A revocable living
trust is a private contract made between you (the trust maker) and the
trustee. It is for your benefit as the beneficiary.
During your lifetime, you will have the authority to make decisions about
the property within the trust. If you become incapacitated, the person
named as your disability trustee will then take over making decisions.
The revocable living trust will include a detailed list of instructions
regarding the following elements:
- What happens while you are alive and healthy
- What happens if you become mentally incapacitated
- What happens following your death
Contact our firm's estate planning attorney in Atlanta
at Meyring Law Firm today!