Millions of people across Georgia and other parts of the country begin planning their estates each year. They know that passing away without a will can wreak havoc on their loved ones. The issue that some face is that they don’t know which type of trust will provide the most benefits for their heirs.
A grantor trust puts the estate into a new fund after an individual passes away. His or her spouse can draw off that fund each year. Other types of trusts provide money based on specific situations or circumstances. An example might be a medical trust that provides an heir with money to pay for a medical condition. An incentive trust provides heirs with a certain amount of money once they reach the age listed on those forms, which is usually 18 or 21.
Anyone who owns a significant amount of assets should get help with estate planning. If an individual dies without a will, the heirs will need to go through probate. Probate goes much quicker and easier when the person who passed away left behind a will. Depending on the state and what the heirs want, probate can take anywhere from three months to several years.
Even those who do not have significant assets can create a trust. They can leave money to a school as part of a trust that pays students scholarships or in a trust that helps an organization get funds every year. Some of the steps in the estate planning process include choosing the best type of trust and establishing the rules and regulations of that trust. A trust registered in the court and with the state provides benefits for any heirs listed in the estate’s documents based on the wishes of the deceased. An attorney could help an estate owner with the process.