By Shelley Elder, Estate and Probate Lawyer serving the North Atlanta metro area, including Bartow County, Cherokee County, Cobb County, Paulding County

A trust is a legal document that establishes how a person’s property is to be managed and distributed during his or her life and determines what happens to that property upon your death.   Simply put, money and other assets are held by one person, known as the trustee, for the benefit of another or others, known as beneficiaries.
Trusts can be revocable or irrevocable.  A revocable trust is established during your lifetime and may be amended or revoked at any time while you are still living.  An irrevocable trust is the opposite – you cannot amend or revoke the trust once it has been established.  When you execute an irrevocable trust, you effectively remove all of your rights of ownership to the assets in the trust.
Why would a person want or need a revocable or irrevocable trust?  Each individual and family is different and has different needs, so the answer depends on your goal.  Some people wish to avoid probate (in Georgia or in another state where you own property) or unnecessary taxes, while providing financial safeguards for surviving family members.  Many clients have substantial estates that might be subject to federal estate taxes without proper estate planning.  Others wish to control what happens to the assets after they have passed away for a specific reason.  For example, maybe they don’t want little Johnny to inherit $100,000 at age 18; maybe they want him to graduate from college first, or graduate and get married first.  Or maybe they want him to get $20,000 upon college graduation, $40,000 at age 35 and $40,000 at age 45.

Perhaps you have a family member with special needs and are concerned about preserving their Medicaid or Supplemental Security Income (SSI) eligibility.  A Special Needs Trust may be needed to help protect the assets that you would wish to leave to that person to enhance their quality of life without making them ineligible for federal benefits.

Regardless of what specific goals you have, Elder Law Firm can create a trust to help you achieve them.  We have experience establishing revocable trusts, irrevocable life insurance trusts, charitable trusts, marital trusts, credit shelter remainder trusts, testamentary trusts, and numerous other vehicles for asset protection.  We look forward to helping you design the appropriate instruments to achieve any goals that you may have.


Shelley Elder of Elder Law Firm meets with clients in the North Atlanta metro area, including Acworth, Cartersville, Dallas, Emerson, Kennesaw, Marietta, Powder Springs, Smyrna, Woodstock, and other communities in Bartow County, Cherokee County, Cobb County, and Paulding County.