Probate is often a track for a Georgia estate to travel. During the court process, however, your family may grow short of cash and patience for the payout. A trust account may become a viable option for your plan.
Creating a multi-layered estate plan can help your loved ones get through a sometimes slow probate process without extra financial strain.
What is a trust?
A trust is a financial tool planners and lawyers may suggest you utilize when building your estate. The purpose of a trust is to hold tangible and intangible property. When you set up the trust, you appoint trustees who will receive the trust contents under specific situations you establish. This may include age restrictions for one or all of the trustees.
How does a trust help during probate?
When you place items in the trust, they come out of your inventory and are no longer part of your estate. Since the trust contents are no longer in your possession, they do not have to go through probate. It allows the beneficiaries to receive that money more quickly.
What are the other ways you can pass money?
Deciding how to get money to loved ones during probate may inspire you to diversify your estate plan. Aside from trusts, there are other ways you can deliver funds into the hands of those you desire. One way you can do this is through accounts that allow you to set beneficiaries, such as life insurance and retirement accounts, and joint ownership with survivorship rights.
Utilizing various fiduciary tools is the key to fashioning an estate that gives your family access to money during support.