Revocable Living Trust requirements in Georgia
- You must be at least 18 years old and of sound mind.
- You need a written trust document that names a trustee and beneficiaries.
- You must fund the trust by transferring ownership of assets into it.
- Sign the trust document in front of a notary public. Georgia does not require witnesses for a revocable trust, but notarization is essential.
- You must identify a successor trustee to manage the trust if you become incapacitated or die.
- For real estate in Georgia, record a deed transferring the property to the trust with the county clerk.
Get started with a Georgia-specific revocable living trust template today to protect your family from probate.
Create your revocable living trustHow to create a Revocable Living Trust in Georgia, step by step
- List your assets, including real estate, bank accounts, investments, and personal property.
- Decide who will be your beneficiaries and successor trustee.
- Draft the trust document. You can use a living trust template or hire an estate planning attorney.
- Sign the document in the presence of a notary public.
- Transfer ownership of your assets into the trust. This means changing titles and beneficiary designations.
- Keep your trust updated after major life changes, like marriage, divorce, or a new child.
Cost considerations
In Georgia, the cost to set up a revocable living trust varies. Using an online living trust template might cost $100 to $300. Hiring an attorney typically ranges from $1,500 to $3,000 or more, depending on complexity. Additional costs include notary fees and recording fees for real estate transfers.
Before Creating a Georgia Living Trust
Before you begin, gather your assets, choose a trustee, and understand Georgia's notary requirements to avoid common mistakes.
- List all assets you plan to transfer (real estate, bank accounts, investments) and their approximate values.
- Decide who will be the trustee (often yourself) and a successor trustee to manage the trust if you become incapacitated or pass away.
- Identify beneficiaries and alternates, and consider contingencies (e.g., if a beneficiary predeceases you).
- Ensure you have a valid Georgia driver's license or ID for notarization; the trust must be signed in the presence of a notary public.
- In Georgia, a living trust generally does not need to be filed with a court; keep the original document safe and provide copies to successor trustees.
- Consider having the trust 'funded' by retitling assets into the trust name—unfunded trusts won't avoid probate.
- Have a will as a 'pour-over' will to catch any assets not transferred to the trust.
Common questions
Is a revocable living trust the same as a will in Georgia?
No. A will goes through probate, a court process that is public and can be time-consuming. A revocable living trust avoids probate because the trust owns your assets, and the successor trustee can transfer them directly to beneficiaries. However, you still need a will to cover assets not in the trust and to name guardians for minor children.
Do I need a lawyer to create a living trust in Georgia?
No, you can do it yourself with a good living trust template. But an attorney can help with complex estates, ensure the document is valid, and advise on tax implications. For most people, a template is sufficient if they follow Georgia's signing rules.
Can I change or revoke my living trust in Georgia?
Yes. As long as you are mentally competent, you can amend or revoke your revocable living trust at any time. This is one advantage over an irrevocable trust. You must follow the amendment procedures stated in the trust document.
Does a revocable living trust save taxes in Georgia?
A revocable living trust does not reduce income or estate taxes. Since you retain control, the trust is not a separate tax entity for income tax. It helps avoid probate, but for tax savings, you may need other estate planning strategies. Georgia does not have a state estate tax, but federal estate tax may apply to large estates.