Best Probate Attorneys in Valdosta, GA

The trustee you name will control the assets in your trust, Most likely, you have named yourself as trustee, so you will still have complete control. One of the key benefits of a revocable living trust is that you can continue to buy and sell assets just as you do now. You can also remove assets from your living trust should you ever decide to do so.

Typically, you will transfer some assets and your attorney will handle some. Most attorneys will transfer your real estate, then provide you with instructions and sample letters for your other assets. Ideally, your attorney should review each asset with you, explain the procedure, and help you decide who will be responsible for transferring each asset. Once you understand the process, you may decide to transfer many of your assets yourself and save on legal fees.

Community property status can be continued inside your living trust. Also, if you live in a community property state, your attorney may suggest that any jointly-owned assets, especially real estate, be retitled as community property before they are put in your living trust. This can reduce capital gains tax if the asset is sold after one spouse dies.

You and your spouse are co-trustees, either can act and have instant control if one becomes incapacitated or dies. If something happens to both of you, or if you are the only ustee, the successor trustee you personally selected will step in . If a corporate trustee is already your trustee or co-trustee, they will continue to manage your trust for you.

I you become incapacitated, your successor trustee looks after your care and manages your financial affairs for as long a needed, using your assets to pay your expenses. If you recover, you can resume control. When you die, your successor stee pays your debts, files your tax returns, and distributes your assets. All can be done quickly and privately, according to instructions in your trust, without court interference.