Leaving your estate to heirs after you pass away is important, so it’s wise to ensure that someone is properly managing your estate. If you’re unsure how to manage your Georgia estate, creating a trust can be a great decision. With that in mind, here are three benefits of setting up a trust when planning your estate.
1. Staying out of probate court
You probably don’t want someone you don’t know in charge of distributing your assets after your death. Unfortunately, this is the reality of probate court. If you want to avoid the probate process, it’s best to set up a trust.
2. Keeping information about your estate confidential
It’s understandable to want information about your estate kept private. Considering that, it’s important to know that probate files are available to the public. For some people, this might not be a major concern. However, if you’d prefer to keep your estate-related information private, setting up a trust might be your best option.
3. Avoiding large estate taxes
For most people, it’s hard to avoid owing taxes to the government, but these tax payments can become much larger with substantial estates. If the value of your estate is more than government estate tax exemptions, you could be paying quite a bit in taxes. If you don’t want your net worth going to pay tax bills, consider creating a trust.
If you’d like help with managing your estate, it might be time to contact an estate planning attorney to understand the types of trusts available. With an attorney on your side, you’ll have help learning about and choosing the best possible estate management option for your needs.