Georgia Revocable Trust Agreement is a legal document that allows married couples residing in Georgia to establish a trust for the management and distribution of their assets during their lifetimes and for the benefit of their beneficiaries after their death. A revocable trust is a flexible estate planning tool that offers various benefits such as avoiding probate, maintaining privacy, ensuring smooth asset transfer, and providing for incapacity. When Settlers (the individuals creating the trust) are Husband and Wife, there are different types of Revocable Trust Agreements available in Georgia. Some common variations include: 1. Joint Revocable Trust: This type of trust is created by both spouses together, pooling their assets into a single trust. Both spouses act as co-trustees and have equal control over the trust property. Upon the death of one spouse, the surviving spouse assumes full control of the trust assets. 2. AB Trust or Marital and Family Trust: This type of trust, often used for estate tax planning, divides the trust into two parts upon the death of the first spouse: the Marital Trust (A Trust) and the Family Trust (B Trust). The Marital Trust provides income or use of assets to the surviving spouse, while the Family Trust preserves the assets for the couple's children or other beneficiaries. 3. Qualified Terminable Interest Property Trust (TIP Trust): This trust provides income for the surviving spouse during their lifetime while ensuring that the trust's assets pass to specific beneficiaries upon their death. It allows the spouse creating the trust (called the granter) to control the ultimate disposition of the trust property. 4. Disclaimer Trust: This trust grants the surviving spouse the option to "disclaim" or refuse some or all of the assets left to them. The disclaimed assets then pass directly into the trust, bypassing the surviving spouse's estate and potential taxation. 5. Reciprocal Trust: This arrangement involves each spouse creating a trust for the other's benefit. It allows for testamentary control and asset protection while achieving estate tax advantages. In order to create a Georgia Revocable Trust Agreement when Settlers Are Husband and Wife, it is advisable to consult an experienced estate planning attorney who can guide you through the various options available and tailor the trust to your specific needs and goals.
Georgia Revocable Trust Agreement when Settlors Are Husband and Wife
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How to fill out Georgia Revocable Trust Agreement When Settlors Are Husband And Wife?
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FAQ
The surviving spouse is the sole Settlor/Trustee/Beneficiary if one dies. In short, nothing changes.
A revocable trust is a very popular estate planning option. If a married couple wants to use that tool in their estate planning, they can choose either a joint trust or separate trusts.
A trust set up in one spouse's name can be considered separate property regardless of whether it is set up before or after marriage.
Subject to tax and other considerations, it may be possible for the settlor and the trustee to be the same person. In some cases, a settlor or trustee might also be a beneficiary of the trust.
In general, most experts agree that Separate Trusts can provide more asset protection. Joint Trust: Marital assets are all together in a single trust. This means there's less asset protection, because if there's ever a judgment over one of the spouses, all of the assets could end up being at risk.
Co-owners Must be Natural Persons: A natural person is a human being; therefore, legal entities, such as corporations or trusts, cannot own a joint account.
Trusts can be both single and joint. A single living trust involves just one individual, while a joint living trust usually involves a married couple. Joint living trusts are commonly used to transfer assets between spouses upon one spouse's death.
A Joint Trust is a single Trust document that covers both spouses and offers provisions for what happens upon the death of each. These specific types of Trusts may be particularly useful for married couples who live in a Community Property state.