In recent years, revocable living trusts have become increasingly common estate planning tools. And, in the right circumstances, revocable living trusts are an appropriate estate planning strategy. Sometimes, however, revocable living trusts are unnecessary – or even counterproductive! In this article, we cover the common reasons someone might need a revocable living trust in Georgia. But first, let’s dispel a myth: the myth that probate is bad.
In some states, probate is an expensive, time-consuming nightmare. But in Georgia, probate is not “bad.” Georgia is known as an “easy probate” state. With a well-drafted will and the assistance of an experienced Atlanta estate planning attorney, probate is relatively easy and inexpensive in Georgia. In truth, whether you have a well-drafted will or a pour-over will with a revocable living trust, the administration of your estate will require a similar effort. Ease of administration, however, is only one thing to consider when deciding if you need a revocable living trust. Several other advantages to using a revocable living trust as your primary estate planning document include:
As you can see, there are many benefits to revocable living trusts. There are, of course, drawbacks: primarily initial cost and initial complication. Because of the additional legal work required to draft an effective pour-over will and revocable living trust, an estate plan using this strategy is often more costly upfront. Further, for a revocable living trust to be effective, assets must be retitled in the name of the trust. The proper retitling of assets can be complicated and time-consuming.
Finally, as the name suggests, revocable living trusts can be revoked or amended by the grantor – the creator of the trust – at any time (so long as the grantor is alive and has capacity).
Contact the Atlanta Estate Planning Attorney at Trace Brooks Law to determine whether you should have a revocable living trust or, if you already have one, to review your trust to make sure it remains effective and will fulfill your wishes. Call the Atlanta Estate Planning Attorney at Trace Brooks Law today to schedule your appointment.