Georgia Revocable Trust Agreement when Settlors Are Husband and Wife

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-104
• Format: Word; Rich Text

Description

This form provides for the establishment of a trust, specifying the duties and responsibilities of the trustee, and the distribution of the assets to be transferred to the trust. This form of trust is known as a revocable intervivos trust. Being a trust does not automatically accomplish the transfer of an owners property into the trust. This must be done by conveying, in deeds or assignments, the property to the Trustee. Georgia Revocable Trust Agreement is a legal document that allows married couples residing in Georgia to establish a trust for the management and distribution of their assets during their lifetimes and for the benefit of their beneficiaries after their death. A revocable trust is a flexible estate planning tool that offers various benefits such as avoiding probate, maintaining privacy, ensuring smooth asset transfer, and providing for incapacity. When Settlers (the individuals creating the trust) are Husband and Wife, there are different types of Revocable Trust Agreements available in Georgia. Some common variations include: 1. Joint Revocable Trust: This type of trust is created by both spouses together, pooling their assets into a single trust. Both spouses act as co-trustees and have equal control over the trust property. Upon the death of one spouse, the surviving spouse assumes full control of the trust assets. 2. AB Trust or Marital and Family Trust: This type of trust, often used for estate tax planning, divides the trust into two parts upon the death of the first spouse: the Marital Trust (A Trust) and the Family Trust (B Trust). The Marital Trust provides income or use of assets to the surviving spouse, while the Family Trust preserves the assets for the couple's children or other beneficiaries. 3. Qualified Terminable Interest Property Trust (TIP Trust): This trust provides income for the surviving spouse during their lifetime while ensuring that the trust's assets pass to specific beneficiaries upon their death. It allows the spouse creating the trust (called the granter) to control the ultimate disposition of the trust property. 4. Disclaimer Trust: This trust grants the surviving spouse the option to "disclaim" or refuse some or all of the assets left to them. The disclaimed assets then pass directly into the trust, bypassing the surviving spouse's estate and potential taxation. 5. Reciprocal Trust: This arrangement involves each spouse creating a trust for the other's benefit. It allows for testamentary control and asset protection while achieving estate tax advantages. In order to create a Georgia Revocable Trust Agreement when Settlers Are Husband and Wife, it is advisable to consult an experienced estate planning attorney who can guide you through the various options available and tailor the trust to your specific needs and goals.

Georgia Revocable Trust Agreement is a legal document that allows married couples residing in Georgia to establish a trust for the management and distribution of their assets during their lifetimes and for the benefit of their beneficiaries after their death. A revocable trust is a flexible estate planning tool that offers various benefits such as avoiding probate, maintaining privacy, ensuring smooth asset transfer, and providing for incapacity. When Settlers (the individuals creating the trust) are Husband and Wife, there are different types of Revocable Trust Agreements available in Georgia. Some common variations include: 1. Joint Revocable Trust: This type of trust is created by both spouses together, pooling their assets into a single trust. Both spouses act as co-trustees and have equal control over the trust property. Upon the death of one spouse, the surviving spouse assumes full control of the trust assets. 2. AB Trust or Marital and Family Trust: This type of trust, often used for estate tax planning, divides the trust into two parts upon the death of the first spouse: the Marital Trust (A Trust) and the Family Trust (B Trust). The Marital Trust provides income or use of assets to the surviving spouse, while the Family Trust preserves the assets for the couple's children or other beneficiaries. 3. Qualified Terminable Interest Property Trust (TIP Trust): This trust provides income for the surviving spouse during their lifetime while ensuring that the trust's assets pass to specific beneficiaries upon their death. It allows the spouse creating the trust (called the granter) to control the ultimate disposition of the trust property. 4. Disclaimer Trust: This trust grants the surviving spouse the option to "disclaim" or refuse some or all of the assets left to them. The disclaimed assets then pass directly into the trust, bypassing the surviving spouse's estate and potential taxation. 5. Reciprocal Trust: This arrangement involves each spouse creating a trust for the other's benefit. It allows for testamentary control and asset protection while achieving estate tax advantages. In order to create a Georgia Revocable Trust Agreement when Settlers Are Husband and Wife, it is advisable to consult an experienced estate planning attorney who can guide you through the various options available and tailor the trust to your specific needs and goals.