Fulton Georgia Living Trust with Provisions for Disability

• Category: Trusts - Living Trusts
• State: Multi-State
• County: Fulton
• Control #: US-0651BG
• Format: Word; Rich Text

Description

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. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust. Fulton Georgia Living Trust with Provisions for Disability is a legally binding document that allows individuals in Fulton County, Georgia, to safeguard their assets and make provisions for potential disabilities. This trust comes with specific provisions that ensure the smooth management and distribution of assets in case of incapacity or disability, providing peace of mind to the creator (also known as the settler) and their beneficiaries. There are different types of Fulton Georgia Living Trusts with Provisions for Disability available, namely: 1. Revocable Living Trust with Provisions for Disability: This type of trust can be amended or revoked as per the settler's wishes during their lifetime. It includes provisions that address potential disabilities, allowing the trustee(s) to manage the assets on behalf of the incapacitated or disabled settler. 2. Irrevocable Living Trust with Provisions for Disability: As opposed to a revocable trust, an irrevocable living trust cannot typically be altered or revoked once it is established. This trust also includes provisions specific to handling the assets if the settler becomes incapacitated or disabled. 3. Testamentary Living Trust with Provisions for Disability: A testamentary living trust is created as part of a will and takes effect upon the settler's death. It can include provisions for disability, ensuring the seamless management of assets for any disabled beneficiaries. 4. Special Needs Trust with Provisions for Disability: A special needs trust, also known as a supplemental needs trust, is designed to benefit individuals with disabilities while preserving their eligibility for government assistance programs. It can be created as either revocable or irrevocable, depending on the specific needs of the disabled individual. In all types of Fulton Georgia Living Trusts with Provisions for Disability, the trust document will outline the responsibilities and powers of the trustee(s) in managing the assets, as well as guidelines for determining the settler's incapacity or disability. It will also cover contingencies for when the settler recovers or passes away. Creating a living trust with provisions for disability ensures that the settler's wishes are followed and their assets are protected, even if they are unable to manage them personally due to disability.

Fulton Georgia Living Trust with Provisions for Disability is a legally binding document that allows individuals in Fulton County, Georgia, to safeguard their assets and make provisions for potential disabilities. This trust comes with specific provisions that ensure the smooth management and distribution of assets in case of incapacity or disability, providing peace of mind to the creator (also known as the settler) and their beneficiaries. There are different types of Fulton Georgia Living Trusts with Provisions for Disability available, namely: 1. Revocable Living Trust with Provisions for Disability: This type of trust can be amended or revoked as per the settler's wishes during their lifetime. It includes provisions that address potential disabilities, allowing the trustee(s) to manage the assets on behalf of the incapacitated or disabled settler. 2. Irrevocable Living Trust with Provisions for Disability: As opposed to a revocable trust, an irrevocable living trust cannot typically be altered or revoked once it is established. This trust also includes provisions specific to handling the assets if the settler becomes incapacitated or disabled. 3. Testamentary Living Trust with Provisions for Disability: A testamentary living trust is created as part of a will and takes effect upon the settler's death. It can include provisions for disability, ensuring the seamless management of assets for any disabled beneficiaries. 4. Special Needs Trust with Provisions for Disability: A special needs trust, also known as a supplemental needs trust, is designed to benefit individuals with disabilities while preserving their eligibility for government assistance programs. It can be created as either revocable or irrevocable, depending on the specific needs of the disabled individual. In all types of Fulton Georgia Living Trusts with Provisions for Disability, the trust document will outline the responsibilities and powers of the trustee(s) in managing the assets, as well as guidelines for determining the settler's incapacity or disability. It will also cover contingencies for when the settler recovers or passes away. Creating a living trust with provisions for disability ensures that the settler's wishes are followed and their assets are protected, even if they are unable to manage them personally due to disability.