A Georgia Declaration of Trust is a legal document that establishes a trust relationship between a Granter (the person creating the trust) and a Trustee (the person responsible for managing the trust assets). This document serves as evidence of the creation and existence of the trust, outlining the rights, duties, and responsibilities of the involved parties. Key terms related to a Georgia Declaration of Trust: 1. Georgia Trust Law: Refers to the body of legal principles and regulations governing trust formation and administration within the state of Georgia. 2. Granter: The individual or entity creating the trust and transferring their assets into it. The Granter may establish the trust during their lifetime (inter vivos trust) or through their will (testamentary trust). 3. Trustee: The person or institution selected by the Granter to hold legal title to the trust assets and manage them for the benefit of the trust's beneficiaries. The Trustee is duty-bound to act in accordance with the terms and conditions specified in the Declaration of Trust. 4. Beneficiary: The individual(s) or organization(s) named in the trust as those who will receive the benefits or assets of the trust. Beneficiaries can be family members, friends, charitable institutions, or even pets. 5. Living Trust: A type of trust established during the Granter's lifetime, allowing them to retain control over their assets while providing for a smooth transition of those assets to the beneficiaries upon their death. A living trust can help avoid probate, maintain privacy, and potentially minimize estate taxes. 6. Testamentary Trust: Created through a person's will, a testamentary trust goes into effect after their death. It specifies how their assets will be transferred to the trust and distributed to the designated beneficiaries. 7. Revocable Trust: Also known as a living revocable trust, it can be altered, amended, or revoked by the Granter at any time during their lifetime. This type of trust provides flexibility and allows for modifications as the Granter's circumstances change. 8. Irrevocable Trust: Unlike a revocable trust, an irrevocable trust cannot be modified, altered, or revoked once it is established. The Granter relinquishes all control over the assets transferred to the trust. Irrevocable trusts are often used for estate planning, asset protection, and tax benefits. 9. Asset Protection Trust: This type of trust shields the Granter's assets from potential creditors, lawsuits, or financial risks. It helps preserve wealth for the Granter's beneficiaries while ensuring the Granter maintains a certain degree of control over the trust assets. 10. Special Needs Trust: Designed for individuals with disabilities or special needs, this trust ensures that the beneficiary can receive supplemental support without jeopardizing government benefits such as Medicaid or Supplemental Security Income (SSI). Overall, a Georgia Declaration of Trust is a legally binding document used to establish various types of trusts, enabling Granters to manage and distribute their assets according to their wishes. It provides a framework for the Trustee's responsibilities and offers protection and benefits for both the Granter and the trust's beneficiaries.
Georgia Declaration of Trust
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How to fill out Georgia Declaration Of Trust?
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FAQ
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
By Practical Law Trusts & Estates. Law stated as of ? Georgia. A Standard Document used in Georgia to certify the existence of a trust and to provide information regarding its essential terms, without providing a full copy of the trust instrument.
When a will is probated, it goes through a court proceeding and becomes public record. Trusts are completely private and do not need a court to enact them. The terms of the trust, beneficiaries, and assets are not public record.
A written request seeking confirmation of the trust and asking whether you are a beneficiary should be made to the person or entity who is the likely trustee. If there is a trust and you are a beneficiary you have a right to receive documents and information including: The trust deed and any variation.
The trust deed should provide what happens on the death of a trustee. In some cases the trust deed will nominate the deceased's legal personal representative as the new trustee or provide that the deceased may appoint a new trustee in their Will.
A Certificate of Trust may need to be recorded in the county that any real property is in. That said, if there's no real property owned by the Trust, there may not be any need to record it.
Georgia Trust Requirements. An express trust in Georgia must be evidenced by a writing signed by the settlor or someone acting under power of attorney with the settlor's express consent. The settlor of a Georgia trust must have legal capacity to create the trust.
Once you send your written demand to the Trustee, the Trustee has 60 days to provide you with a copy of the Trust. Your written request may prompt a trustee to do the right thing by sending you a copy of the Trust.