Trusts
Georgia Revocable Trusts Lawyers
At Garrett Murphy Law, we believe that a revocable trust can be a powerful tool in your estate planning strategy. This flexible instrument offers numerous benefits, helping you manage your assets both during your lifetime and after your passing. Here’s what you need to know about revocable trusts and how they can enhance your estate plan.
A revocable trust, often referred to as a living trust, is a legal arrangement where you (the grantor) transfer ownership of your assets into a trust while retaining control over those assets during your lifetime. You can modify, amend, or revoke the trust at any time, hence the term “revocable.” Upon your passing, the assets in the trust are distributed according to your instructions, bypassing the probate process.
One of the benefits of a Revocable Trust is probate avoidance. This can reduce costs and save time for your beneficiaries. Also, unlike Wills, which become public record during probate, Revocable Trusts generally remain private. This means that your financial matters and how your assets will be distributed are kept confidential.
During your lifetime, you can change the terms of your Revocable Trust or revoke it entirely as your circumstances or wishes evolve. This flexibility makes Revocable Trusts a popular choice for many individuals.
If you become incapacitated, the successor trustee you designate can manage the trust assets on your behalf. This ensures that your financial affairs are handled without the need for a court-appointed guardian.
You can transfer a variety of assets into a revocable trust, including:
- Real estate
- Bank accounts
- Investment accounts
- Business interests
- Personal property (e.g., vehicles, collectibles)
It’s important to ensure that all assets intended for the trust are properly titled in the name of the trust to avoid any complications. Our team at Garrett Murphy Law will work with your banking and investment advisors in the Augusta, Georgia and Evans, Georgia area to ensure your assets are properly titled.
While revocable trusts offer many advantages, they may not be the best solution for everyone. Here are some considerations:
- Initial Setup Costs: Establishing a revocable trust may involve higher upfront legal fees compared to drafting a simple will. However, the long-term benefits often outweigh these costs.
- No Tax Benefits: Revocable trusts do not provide tax advantages during your lifetime. The assets are still considered part of your estate for tax purposes.
A revocable trust can be an essential component of a comprehensive estate plan, offering flexibility, privacy, and a streamlined process for managing your assets. At Garrett Murphy Law, our experienced team is here to help you determine if a revocable trust is right for you and guide you through the creation process.