Though going the simplest route may seem appropriate for certain matters in life, that is not always the case with estate planning. Certainly, having a will in place is a useful step in the planning process, but if that is all a person has in his or her estate plan, it is possible to miss out on other useful planning tools. In particular, Georgia residents may want to more closely consider creating a trust.
Though it is common for many people to think that trusts are only useful to those with significant wealth, that is not the case. In fact, various types of trusts exist that could prove beneficial to individuals at various income levels for a multitude of reasons. Additionally, some trusts could provide benefits while a person is still alive and not just after his or her passing.
More specifically, trusts could help achieve the following example goals:
- Helping meet the accommodations of a child who has special needs
- Setting aside assets for minors until they reach adulthood
- Protecting assets from creditors and other claimants
- Arranging for specific inheritance distribution
- Creating a way to manage funds for loved ones who may be financially irresponsible
- Avoiding probate
In many cases, if Georgia residents have a specific desire they hope to achieve with their estate plan, a trust can help. Of course, because there are so many different types, it is important that individuals understand the best option for their goals. Fortunately, experienced estate planning attorneys could help interested individuals find the best planning tools and options.