Best Trusts Lawyers in Georgia

About Trusts Law in Georgia, United States

A trust is a legal arrangement where a person, known as the grantor or settlor, transfers property or assets to a trustee. The trustee then holds and manages these assets for the benefit of designated beneficiaries according to the terms set out in the trust document. In Georgia, trusts are commonly used in estate planning to manage and protect assets, ensure their efficient transfer after death, shield assets from certain creditors, or provide for family members with specific needs. Georgia trust law is influenced by both state statutes and principles of general trust law, with oversight from state courts.

Why You May Need a Lawyer

While some people attempt to set up trusts on their own, many situations require the guidance of a knowledgeable attorney. Here are several common reasons why legal advice is important when dealing with trusts in Georgia:

• Setting up a trust for minor children, special needs beneficiaries, or blended families
• Navigating complex family or financial situations, such as second marriages or business ownership
• Minimizing estate taxes and avoiding probate
• Managing or contesting trust administration when serving as a trustee or beneficiary
• Ensuring your trust is compliant with Georgia law and tailored to your particular needs
• Handling disputes between trustees and beneficiaries
• Transferring out-of-state or unusual assets to a trust
• Making changes to or terminating an existing trust

Without competent legal help, you may risk creating an invalid trust, facing unnecessary taxes or costs, or setting the stage for future lawsuits and family conflict.

Local Laws Overview

Trusts in Georgia are primarily governed by Title 53, Chapter 12 of the Official Code of Georgia Annotated (OCGA). Here are some key points about Georgia’s trust laws:

• Georgia recognizes various types of trusts, including revocable trusts, irrevocable trusts, testamentary trusts, and special needs trusts
• Create a trust does not require a court process, but the written trust document must comply with Georgia law
• The grantor must have the legal capacity to create a trust and the intent must be clear
• Trustees have strict fiduciary duties and must act in the best interests of beneficiaries
• Trusts in Georgia often help avoid probate, but lose some asset protection benefits compared to other states
• There are specific processes in Georgia for changing trustees, modifying irrevocable trusts, and contesting trusts in court
• Georgia supports non-judicial settlement agreements for resolving certain issues related to trust administration without going to court

These and other local legal requirements make it important to work with a professional to ensure your trust is legally effective and aligns with your objectives.

Frequently Asked Questions

What is the difference between a revocable and irrevocable trust?

A revocable trust allows the grantor to make changes or revoke the trust during their lifetime. An irrevocable trust generally cannot be altered or revoked once established, offering greater asset protection but less flexibility.

Do trusts avoid probate in Georgia?

Yes, assets held in a properly funded trust do not go through probate, enabling quicker and more private transfer of assets to beneficiaries.

Can a trust help reduce taxes?

Trusts can help with tax planning, though Georgia does not have a separate estate tax. You should consult an attorney or tax advisor about federal estate taxes and how different types of trusts may impact your tax liability.

Does a Georgia trust protect assets from creditors?

Irrevocable trusts offer some degree of asset protection from certain creditors, while revocable trusts generally do not. Protection depends on how the trust is structured and must comply with Georgia law.

Can I serve as my own trustee?

Yes, in most cases you can serve as trustee of your own revocable trust. However, if asset protection or third party management is a goal, appointing another individual or professional may be necessary.

How do I transfer property to my trust?

Property and accounts must be properly retitled in the name of the trust, a process known as funding. Failing to fund your trust means those assets may still be subject to probate.

Does a will still have a role if I have a trust?

Yes, most people who have a trust also prepare a pour-over will, which acts as a safety net to transfer any remaining assets into the trust at death.

How is a trust administered after the grantor's death?

The trustee is responsible for gathering assets, paying debts, and distributing remaining assets to beneficiaries according to the trust's terms, usually without court supervision.

How can beneficiaries or other interested parties challenge a trust?

A trust can be contested in Georgia courts if there are allegations of undue influence, lack of capacity, or improper execution. This process can be complicated and usually requires legal assistance.

How do I choose a trustee?

You may choose a person, multiple individuals, or a professional or corporate trustee. The trustee should be responsible, organized, impartial, and capable of handling financial and legal matters.

Additional Resources

If you are seeking further information or assistance regarding trusts in Georgia, these resources may be helpful:

• Georgia Probate Courts - For questions about probate and estate matters in your local county
• State Bar of Georgia - Lawyer referral services and educational materials on estate planning
• Georgia Department of Human Services Division of Aging Services - Information for seniors on estate planning and guardianship
• Georgia Center for Nonprofits - Resources for charitable trusts and foundations
• American Bar Association - General legal help and resources on estate planning

Next Steps

If you believe a trust may be right for your situation or if you are facing issues related to an existing trust, consider the following steps:

1. Make a list of your goals, assets, and any individuals or organizations you wish to benefit
2. Identify any special situations, such as minor children, family circumstances, or potential disputes
3. Gather copies of important legal and financial documents
4. Consult with a Georgia estate planning attorney to discuss your needs and develop an appropriate trust strategy
5. Carefully review and update your plan periodically, especially after major life events

A qualified lawyer can help you understand your options, comply with Georgia law, and ensure your assets are protected for your loved ones.