This is a Living Trust Property Inventory form. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. This form allows the Trustee to record a Description of Property, Date Acquired by Trust, Value, Date Sold or Transferred so that all property held by the trust can be accounted for including the real, personal or intellectual property.
Atlanta Georgia Living Trust Property Record
Category:
State:
Georgia
City:
Atlanta
Control #:
GA-E0178B
Format:
Word;
Rich Text
Instant download
Description
How to fill out Georgia Living Trust Property Record?
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FAQ
Draw up the trust document: You can do this online with a program or get the help of a lawyer. Get the document notarized: Sign the document before a notary public. Put your property into the trust: This does take some paperwork, so while you can do it by yourself a lawyer may be useful.
Security Instruments (Deed of Trust vs. Mortgages are used, but they are rare. A security deed (deed to secure debt) is the customary security instrument in Georgia. Georgia does not use a Deed of Trust. Two witnesses are required to witness the signature of the grantor for a security deed to be recorded.
The trust can last for the lifetime of the trust maker and spouse or other beneficiary, or a specified number of years up to 20. The trust may be funded either during the trust maker's lifetime (an inter vivos trust) or on the trust maker's death (a testamentary trust).
In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary). The person providing the assets is called the settlor.
? Once the property is contributed by a settlor to the trust, then the property would be owned and controlled by the trustee for and on behalf of benefit of beneficiaries. The property can be any asset ? be it cash or any other movable and/or immovable assets.
In the State of Georgia, creating a living trust means drafting the trust document with your estate planning attorney and signing it in front of a notary public. Once signed and notarized, you must ?fund the trust? by transferring assets to the name of the trust.
Trusts are completely private and do not need a court to enact them. The terms of the trust, beneficiaries, and assets are not public record. Trusts are also more difficult to contest than wills. Creating a living trust in Georgia protects not only your assets, but you personally.
Georgia Trustee Deed Information A trustee's deed is an instrument of trust administration used by a trustee to convey real property out of a trust. A trust is created by a settlor, who funds the trust with real and/or personal property for estate planning purposes.
Under Georgia's Trust Code, in order for a deed to convey property to a trust, the trustee must be designated as the grantee of legal title. In other words, when it comes to property transactions in Georgia, a trust can only convey or receive property through its trustee.
When you buy a home, you may have the option of buying it in a trust. Legally, that means the trust, rather than you, owns the home. However, you can be the trustee of the property and have significant control over it and what happens to it after you die.
