If you have built a substantial estate and you are worried about the impact of probate on the distribution of your property, a trust can help When you create a trust and transfer property into it, that property will not be part of your probate estate and will pass outside of probate. There are many different types of trusts, though. You want an experienced lawyer to help you understand your options and take the right steps to meet your personal goals.
At the office of Patrick J. Gibbs, P.C., Attorney at Law, I have been in practice for more than 40 years and I have concentrated for over 25 years on estate planning and probate matters. I take a comprehensive approach, looking at the interrelationship between probate and non-probate assets such as life insurance and retirement accounts. I will help you use estate planning tools, such as trusts, to formulate an overall strategy that cost effectively gets the results you want. I have personally worked on more than 2,000 estate plans.
When you create a trust, you set up a new and separate legal entity. Any property (including money or other financial assets) that is transferred into the trust becomes the property of the trust. Since you no longer own it, it is not a part of your estate when you die and stays outside of the probate process.
I will help you determine the most appropriate type of trust to meet your needs. I will carefully explain the advantages and disadvantages of:
• Living trusts (going into effect during your lifetime) and testamentaryLiving or inter vivos trusts (going into effect during your lifetime) and testamentary trusts (created by your will upon your death)
Revocable and irrevocable trusts
Family or special needs trusts
In many situations, I can combine the use of a trust with a will, minimizing conflict between potential beneficiaries. For example, I can help you set up a spousal trust in conjunction with a will that distributes other (non-trust) property to children or others.
For a confidential meeting with an experienced Roswell trust attorney, contact my office online or call me at 770-645-4990. I provide flexible appointment times for your convenience. My office is located in the Historic District in Roswell, Georgia.