Atlanta Revocable Living Trust Lawyer

Choosing Between Revocable and Irrevocable Trusts

Living trusts typically boil down to two different versions: irrevocable and revocable. Revocable trusts can be modified or canceled by the grantor, whereas the irrevocable trust cannot be amended or terminated without first securing the beneficiary’s permission. Both types of trusts aid in avoiding probate court, but a revocable trust comes with added flexibility.

Benefits of Opting for an Irrevocable Trust

The virtue of the irrevocable trust is that it effectively shifts assets out of the grantor’s estate.

There are many reasons why someone would want to do this, such as:

• Asset protection
• Avoiding taxes like estate tax or capital gains taxes
• Taking advantage of certain charitable giving tax deductions

Moving assets out of the grantor’s provision effectively shields them from creditors or lawsuits. There are also ways to negotiate an irrevocable trust to avoid certain capital gains taxes—and, if a grantor is near the federal estate tax limit, shifting assets into an irrevocable trust can clear an estate from approaching that limit.

Why a Revocable Trust May Be Your Best Choice

When clients don’t have a large enough pool of assets to approach the federal estate tax limit or are less concerned about matters like capital gains taxes or asset protection, a revocable living trust may be the desired option. It guarantees the grantor the greatest amount of freedom to retain control over their assets during their lifetime, holding onto the ability to change their living trust as necessary.

Creating a Revocable Living Trust

Creating a revocable trust is a relatively straightforward matter of meeting with the proper legal consultant and writing documentation that conforms to the law and includes the necessary provisions. The trust requires you, the grantor, to designate a trustee to manage assets. You can even name yourself the trustee, although doing so leaves assets open to claims from creditors upon passing. Should you ultimately decide to name another person or an organization as the trustee, you’ll also want a successor trustee in place should the trustee either withdraw or be unable to carry out the wishes of your living trust.

You will then need to decide which assets will fall under the trust provision. A revocable trust can contain cash, real estate, stocks and mutual funds, and stakes in businesses you may wish to reallocate. The trust should list the account where assets are held and pertinent custodian information. You can then name your beneficiaries and directions you wish for your trust to follow. 

You can use the revocable trust to grant power of attorney should you become incapacitated. You can even use it to disinherit beneficiaries that challenge the trust (an advantage of a revocable living trust over a standard will). Once this is complete, you’ll then begin transferring titles of property to the trust and, eventually, sign the necessary documents with a witness.

Learn About the Value of a Living Trust

Creating a revocable trust is a significant step in establishing your estate’s security, but it can be easy with the right professionals. Our Atlanta living trust attorneys can help you create a revocable living trust by preparing a legal document called a trust agreement, which the settlor and the trustee sign. 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.

Commonly Asked Questions

Do only the wealthy need a trust?

No, a trust can be beneficial for individuals of various wealth levels, not just the affluent. While trusts are often associated with high net worth individuals, they offer advantages that extend beyond wealth preservation. Trusts can provide asset protection, privacy, and control over the distribution of assets, making them valuable tools for estate planning and a smooth transfer of assets to beneficiaries. Additionally, trusts can help minimize delays, allowing for a more efficient and private transfer of assets. Regardless of wealth, individuals with specific wishes for asset management and distribution can benefit from the flexibility and protection offered by a trust. Consulting with a qualified professional can help determine the right type of trust and estate planning strategies based on individual circumstances and goals.

Why choose our revocable living trust attorney in Atlanta?

If you’re considering setting up a revocable living trust, our team at Meyring Law Firm can help. With over 15 years of experience, we’ve assisted clients from all walks of life in navigating the often-complex world of estate planning. We take the time to get to know your unique situation, goals, and concerns. Our personalized approach means that your trust can be crafted to meet your needs and protect your family’s best interests, giving you peace of mind for the future. Let us simplify the process and provide you with guidance every step of the way.