Atlanta Revocable Living Trust Lawyer

Atlanta's Premier Living Trust Planning and Services

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 reflect a client’s individual goals and take their estate plans to the next level. 

What Is a Revocable Living Trust?

A trust determines how your property is managed and distributed during your life and also upon death. 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.

Typically, a revocable living trust involves three parties:

• The Settlor: Also known as the grantor or trustee, this is the trust’s creator. In a revocable trust, the trust is amended or revoked as the grantor sees fit. The trust remains in a private state and achieves irrevocable status upon the settlor’s death.
• The Trustee: This person holds title to the trust property and manages it according to the terms. The money or property held by the trustee makes up the trust’s principal. This can frequently change as expenses are incurred or the principal appreciates or depreciates. Often, the settlor serves as the trustee during their lifetime, and another person or trust company serves as the successor after the settlor’s death or if they become incapacitated.
• The Beneficiary: This is the person or entity entitled to receive the income or principal from the trust. The beneficiary benefits from the income or principal received by the trust. The composition of the revocable trust also allows the beneficiary to avoid the pains of probate court as they go through the trying time of losing a loved one.

Key Benefits of Establishing 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 automatically receive their inheritance.

Other advantages of a revocable living trust include:

• The administration of a trust is a private matter and remains out of court. 
• The trust remains shielded from public discourse.
• Property can be distributed to beneficiaries shortly after your death, avoiding probate.
• Probate court approval is not needed to sell trust assets, which expedites the process of liquidating assets that are no longer desired.

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.