Georgia Pot Testamentary Trust
Description
How to fill out Pot Testamentary Trust?
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FAQ
A testamentary trust is created to manage the assets of the deceased on behalf of the beneficiaries. It is also used to reduce estate tax liabilities and ensure professional management of the assets of the deceased.
In the State of Georgia, creating a living trust means drafting the trust document with your estate planning attorney and signing it in front of a notary public. Once signed and notarized, you must fund the trust by transferring assets to the name of the trust.
The property inside an irrevocable living trust is owned by the trust, and thus taxes are paid via the trust. Revocable living trusts are more flexible. The trust creator, also known as the grantor, can remove property at will, and modify the trust without first getting permission from the beneficiaries.
With your property in trust, you typically continue to live in your home and pay the trustees a nominal rent, until your transfer to residential care when that time comes. Placing the property in trust may also be a way of helping your surviving beneficiaries avoid inheritance tax liabilities.
To make a living trust in Georgia, you:Choose whether to make an individual or shared trust.Decide what property to include in the trust.Choose a successor trustee.Decide who will be the trust's beneficiariesthat is, who will get the trust property.Create the trust document.More items...
The terms of the trust, beneficiaries, and assets are not public record. Trusts are also more difficult to contest than wills. Creating a living trust in Georgia protects not only your assets, but you personally.
A testamentary trust is set up in a person's will and starts upon their death. It holds and protects all, or some, of the person's assets such as property and investments. The trust looks after the assets for the beneficiaries. Beneficiaries are the people or organisations that will benefit from the trust.
Advantages of Testamentary TrustsControl.Asset Protection: Re-Marriage and De-Facto Relationships.Asset Protection: Solvency and Third-Party Claims.Asset Protection: Children and Other Beneficiaries.Income and Capital Gains Tax.Preservation of Government Benefits.Superannuation and Insurance Proceeds.Succession Issues.More items...?
Under Georgia's Trust Code, in order for a deed to convey property to a trust, the trustee must be designated as the grantee of legal title. In other words, when it comes to property transactions in Georgia, a trust can only convey or receive property through its trustee.
While Indian laws do not recognise trusts as a separate legal entity, they recognise trusts as an obligation of the trustee to hold and own the property, not as an absolute owner (ie as both legal and beneficial owner), but to use and manage the trust prop- erty for the benefit of the beneficiaries.
