Georgia estate owners who wish to set aside property for their loved ones, but who also wish to help family members avoid probate, may wish to explore options that can help them achieve both goals. Setting up a living trust is a common means for managing property while keeping taxes low. However, merely setting up a trust is not enough; in fact, it is no good at all if property or assets are never transferred to it.
There are typically two ways to fund a living trust. A person can transfer property or assets to a living trust while he or she is still alive. Another option is to arrange for all assets to pour over into the trust after the estate owner has died. This is commonly referred to as a pour-over will.
The type of property or assets a person wishes to transfer influences the means he or she may choose to fund a living trust. For instance, some assets involve a title. These might include a car or real estate, in which case the name on the title must be changed from the owner of the asset to the trustee to whom the property is being transferred through a trust.
Intellectual property, jewelry, clothing and other non-titled assets necessitate a transfer of rights to ownership as opposed to a transfer of title. A person who is the beneficiary of certain assets may wish to transfer his or her name as such to the name of a designated trustee. Anyone with questions or concerns regarding a living trust or other estate planning documents can seek support by scheduling a consultation with a Georgia attorney who is well-versed in such issues.
Kevin Tharpe
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