Estate Planning Law Firm Establishing Trusts for Families in Cobb and Cherokee Counties
Helping you plan for your family’s future
One way to organize your assets and transfer your wealth more easily to your family is to establish a revocable living trust. As long as you are competent to make decisions, you can put your assets in and take them out of the trust as often as you like, and the trust is not yet recognized for tax purposes. After you die, the trust becomes irrevocable. At that point, the trust comes into existence for tax purposes, and the trustees simply follow the rules established when you set up the trust. Best of all, the assets in the trust do not go through probate, and the trustee can sell them as he or she likes. It isn’t simple, but as an estate planning attorney, I can answer whatever questions you have about setting up a trust.
Can a trust include property that isn’t totally paid off?
Yes. The most common example of this is your home, which might have a mortgage that isn’t yet paid off. When you die, your beneficiary becomes responsible for the debt when they receive the property. As a trusts attorney, I can help you determine whether you want your trustee to pay the balance on the mortgage before it’s distributed to a beneficiary.
Does a loved one with a trust still need a will?
It would be wise to have a will, even if a revocable trust exists. There are a few reasons why this is a good idea, including:
- The will serves as a fail-safe for your trust. For example, without a will, any property that you haven’t yet transferred to your trust will go to your closest relatives — which may not be what you planned or wanted.
- In a will, you can appoint someone to be your child’s guardian in case you and the child’s other parent should die before the child turns 18. You can’t do that in a trust, so having both a will and a trust keeps an important decision like this under your control.
- If you want to leave nothing at all to your spouse or child, you have to specify that condition in your will, not in a trust.
You can see there are many differences between wills and trusts. Each has its own purpose, and at Gleichman Law Firm LLC, I can assist you in deciding which option is best for you at any given time.
Get advice on establishing trusts from my Marietta estate planning law firm
If you need to establish a living trust for your estate, call the Marietta office of the Gleichman Law Firm LLC for an appointment at 678-331-7058 or contact me online. I try to return all calls within 24 hours, and I make home and hospital visits. My hours are Monday through Friday from 8:30 a.m. to 5:30 p.m. and weekends by appointment only. My office is located just off I-575. Free initial consultations may be available upon request.