Although there are many good reasons for their implementation, Revocable Trusts are too often promoted for the wrong ones. Revocable Trusts are commonly referred to as Living Trusts or Revocable Living Trusts (hereinafter referred to as “RLT”) and are promoted as a way to avoid the costly, time-consuming, public spectacle of PROBATE.
For the majority of situations, total cost for probate in Georgia is less than $3,000, administration is usually complete within six months, and public disclosure of assets is not required. However, there are situations in which probate can be protracted, expensive, and emotionally challenging. In these cases, an RLT would likely have avoided many problems. The following is a sampling of situations that justify an RLT [instead of probate]:
Remember, there are two steps to accomplish proper planning with revocable trusts: establish a legal trust document and then “fund” the RLT with assets that would otherwise be included in probate.
Bryson Law Firm: Suwanee, Georgia. Attorney Richard Bryson has over 15 years experience with investment entities, elder law, estate planning, probate, wills and trusts, tax planning, tax dispute resolution, asset protection, personal injury, business formation, real estate transactions, and Medicaid and VA planning. Contact our Gwinnett County law firm at 404-909-8842.
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