Revocable Living Trusts
Would you benefit from creating one?
At Meyring Law Firm, we are a full-service law firm that helps clients explore every avenue for creating a sound and effective estate plan, one of which is the revocable living trust. Our Atlanta living trust attorneys are dedicated to creating customized estate plans that not only reflect a client’s individual goals, but that truly take their estate plans to the next level.
To hear what our satisfied clients have to say about our services, we invite you to read our client testimonials!
What Makes Up a Revocable Living Trust
A revocable living trust is a document that determines how your property is managed and distributed during your life and also upon death. Typically, a revocable living trust involves three parties:
The Settlor – Also known as the grantor or trustee, this is the creator of the trust.
The Trustee – This person holds title to the trust property and manages it according to the terms of the trust. Often, the settlor serves as the trustee during their lifetime and another person or trust company serves as the successor trustee after the settlor’s death, of if the settlor becomes incapacitated.
The Beneficiary – This is the person or entity entitled to receive the income or principal from the trust.
A trust is considered a “living trust” when it is established during your lifetime and as “revocable” when you reserve the right to amend or revoke your trust during your lifetime.
What are the advantages of a revocable living trust?
The property held in a revocable living trust at the time of your death is not subject to probate administration, thus beneficiaries will receive their inheritance automatically, and within accordance with the stipulations set forth in the trust document. Other advantages include:
- The administration of a trust is a private matter.
- Property can be distributed to beneficiaries shortly after your death.
- Probate court approval is not needed to sell trust assets.
Contact an Atlanta Living Trust Attorney
We can help you create a revocable living trust by preparing a legal document called a trust agreement, which is signed by the settlor and the trustee. We will then help you transfer property to the trustee so it will be held for the benefit of the beneficiary or beneficiaries named in your trust document.