How To Set Up A Trust Fund In Georgia

Updated June 01, 2022

TheGeorgia revocable living trust is a legal document that holds a person's avails and does not need to go through probate afterward the creator dies. The person creating the document, called the Grantor, appoints a Trustee. The Grantor may choose to appoint themselves this position, otherwise they volition appoint a person they know to exist trustworthy. This person is in charge of maintaining the Trust and will distribute the contents of the Trust to the Beneficiaries once the Grantor dies. Skipping probate in the State of Georgia will allow for a quicker and less expensive process for the Beneficiaries. Although a revocable living trust does not protect one'southward assets from estate taxes, it will allow for the Trustee to continue to manage the Trust instead of a conservator if the Grantor becomes mentally incapacitated. All revocable trusts go irrevocable upon the Grantor's death.

Laws – Title 53, Chapter 12, Commodity three (Revocable Trusts)

How to Write

Stride 1 – Download in Adobe PDF (.pdf), Microsoft Word (.docx), or Open Document Text (odt).

Footstep 2 – Once the grade has been opened, the name of the person creating the trust must be entered in the get-go blank field and the date should be included below that. Side by side, the name and addresses of both the Grantor (creator) and the Trustee (manager) must be provided. Create a name for the Trust under Article 1 and, if this document is an alteration of a previously created trust, tick the showtime checkbox. If it is a new living trust, tick the second box.

Stride 3 – Article 4 contains a serial of subsections that take effect once the Grantor dies. The first section, Section A, will exist a list of holding along with the name of the person the Grantor wishes it to be bestowed upon.

Step 4 – The second section, Section B, requires the Grantor to select who will inherit the personal property placed in the Trust. The first checkbox signifies that the Beneficiaries volition receive the personal holding and the 2d ways a specific individual, whose proper name, accost, and Social Security number must be provided, will receive the personal property.

Stride 5 – Section C of Article 4 pertains to the care of the Grantor's pets upon the Grantor'south death. Enter the name and address of the private who volition be accepting the responsibilities of Pet Caretaker. A second individual must be named in example the offset Pet Caretaker cannot perform their responsibilities.

Pace 6 – Continued nether Section C, Article 4 is office (ii), where the Grantor may choose to provide funding to the Pet Caretaker. If funding is to provided, tick the first box and provide the dollar amount. If no funding it to exist provided, tick the 2nd box.

Step 7 – The last part of Section C, Article 4 is "third Party Enforcement." A proper noun and address must be provided for the person who will oversee the funding that the Pet Flagman receives.

Step 8 – Withal under Commodity 4 is Section D, which must be completed with the names, Social Security or Taxation ID numbers, and addresses of up to 4 (4) Beneficiaries.

Pace 9 – The next commodity to be filled out is Article 10, "Bookkeeping." Provide the number of months or years that must pass betwixt written report-requests made by a Beneficiary on the Trust's property.

Stride 10 – Curl down to Article 13 and enter the names of the individuals who volition be appointed Successor Trustee and 2nd Successor Trustee. Their mailing addresses must also be provided.

Step 11 – Under Article xiii, Section I, select the type of compensation the Trustee shall be awarded; either no compensation or reasonable bounty.

Step 12 – Claims may not be made on the Trust unless the individual making the claim survives the Grantor by a certain menstruum of fourth dimension. This catamenia of time shall be indicated under Commodity xv by entering a number of days in the space provided.

Step 13 – Commodity 17 asks for the relationship status of the Grantor. If they are not married, select the first checkbox. If they are married, the second checkbox must be selected and the spouse's name must be entered in the appropriate field.

Pace xiv – Provide the Grantor's children's names in the empty space nether Commodity 18.

Pace 15 – Adjacent, any individuals or organizations that are to exist clearly excluded from the Trust should be mentioned in Article 21.

Stride 16 – To grant the Grantor power to change the Trust, the Grantor, Trustee, and Successor Trustee must provide their signature, printed proper noun, and the date nether Commodity 22.

Step 17 – Go to page 18 and enter the Land and County in which the Trust is being created. The Grantor, Trustee, Successor Trustee, 2nd Successor Trustee, and two (two) witnesses must sign and appointment this page. A notary public must sign and seal the bottom section of the Cocky-Proving Affidavit.

Step xviii – Brand a list of all assets that will exist included in the trust on the last page of the living trust form.

Source: https://eforms.com/living-trust/ga/georgia-revocable-living-trust-form/

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