Revocable Living Trust

Thrift McLemore’s Atlanta trust attorneys help families across Georgia create Revocable Living Trusts that protect their loved ones, avoid probate, and honor their wishes.

A Revocable Living Trust (often called a “Living Trust”) is an estate planning tool that, like a Will, directs what happens to your assets when you pass away. The key difference is that a Living Trust is created during your lifetime, while a Testamentary Trust is created through a Will and only goes into effect after death. Unlike a Revocable Living Trust, a Testamentary Trust does not avoid probate.

With a Revocable Living Trust, you remain in control. You can change or revoke the Trust during your lifetime, giving you flexibility as your circumstances or wishes evolve.

Many Georgia families choose a Revocable Living Trust for the following reasons:

Avoids Georgia Probate

Typically, when a person passes away (with or without a Last Will and Testament), your loved ones cannot simply start collecting your assets. The estate must usually go through Georgia probate, a court-supervised process that validates the Will, gathers and values assets, settles debts, pays taxes, and distributes what remains to heirs. Even if everyone agrees, probate can often be time-consuming and expensive, leaving fewer assets for beneficiaries.

A Revocable Living Trust avoids probate, saving your loved ones hassle, time, and money. After your death, your chosen successor trustee can distribute assets right away according to your instructions.

Avoids Probate for Out-of-State Assets

If you own real estate in Georgia and in another state, your loved ones may face multiple probates: one in Georgia and another in the state where the other property is located. A single Revocable Living Trust can transfer both Georgia and out-of-state property, avoiding multiple probate proceedings.

Protects Against Challenges

A Living Trust is generally more difficult to challenge than a Will. That extra layer of protection can save the estate money and reduce disputes. It can be especially valuable if you plan to disinherit someone, leave unequal amounts to your children, provide for children from a prior marriage, worry about relatives who may not get along, have estranged family members, or have any concerns about how your spouse or partner may be treated.

Protects Your Privacy

Probate makes a Will part of the public record. A Revocable Living Trust avoids probate, keeping your wishes and the details of your estate private.

Protects Assets for Beneficiaries

Your Revocable Living Trust can work alongside other trusts to preserve inheritances and provide long-term protection for your beneficiaries.

Simplifies Asset Management

A Revocable Living Trust is a convenient way to put multiple moving parts into one legal entity.

Provides Flexibility

You can amend or revoke a Revocable Living Trust at any time. It is just as easy to change a Living Trust as it is a Will, and in some cases, it is easier to change a Revocable Living Trust than it is a Will. You can also name an out-of-state trustee, something that is difficult in probate administration.

No Negative Tax Implications

A Revocable Living Trust does not create additional taxes. It does not need a separate Tax Identification Number or Employer Identification Number for your lifetime. All income flows through the Trust to you personally and is reported on your personal tax return.

No Ongoing Fees

The Revocable Living Trust does not involve ongoing fees. You can also add new assets to the Trust at any time. At Thrift McLemore, our Atlanta Revocable Living Trust attorneys show our clients how to do this, so they don’t need to hire an attorney every time they get a new asset.