Living trusts are created to fulfill specific objectives; however, one’s estate-planning goals are only truly accomplished when the trust is properly funded. Your purpose for funding your trust may differ from someone else’s reasons, and may include:
- To avoid probate – Your beneficiaries can avoid your real-estate property and specific assets going through probate if you have moved your assets into your trust while you are still alive. Probate can cost your loved ones time and money, which is why most people want to avoid it.
- To assign management in case of incapacity – Many people want to make sure their property is managed and bills are paid in the event of incapacity. If you are concerned about being able to handle your finances should you become incapacitated, establishing a trust and properly funding your assets before you become incapacitated will accomplish this objective.
- To issue property – Trusts keep matters private and allow for the transfer of property to your beneficiaries. This means that your assets will be distributed to your intended beneficiaries with relative ease, instead of having property distributed through probate.
Whatever your purpose might be, a trust needs to be properly funded so that you can achieve your goals. If you have one of the above mentioned objectives in mind, moving your property and assets into your trust is essential to accomplishing your estate planning goals.
For help with your Georgia estate planning needs, contact Shane Smith Law to meet with a qualified Peachtree City estate planning attorney today at (770) 487-8999.