Revocable Trust for Married Individual: Disclaimer Trust (Georgia)

This legal template specifically focuses on outlining the creation and provisions of a Revocable Trust, also known as a Disclaimer Trust, for married individuals residing in the state of Georgia. A Revocable Trust is a legal arrangement wherein the individual (usually referred to as the "grantor") places their assets into a trust, retaining the ability to modify or revoke the trust during their lifetime.

The primary purpose of this template is to establish a Disclaimer Trust, which offers greater flexibility and control over the assets while providing potential tax advantages for married couples. Specifically drafted to comply with the laws of Georgia, this template includes provisions to divide the assets of the trust into different sections, typically referred to as the "A" Trust and the "B" Trust.

The "A" Trust, often known as the "marital trust" or "survivor's trust," holds the assets that the surviving spouse will retain control over after the grantor's death. This trust ensures that the surviving spouse can use and enjoy the assets during their lifetime, while also allowing them to designate beneficiaries who will receive the remaining assets upon their own passing.

The "B" Trust, commonly referred to as the "bypass trust" or "credit shelter trust," contains assets that will be set aside to minimize estate taxes upon both spouses' death. These assets will not be included in the surviving spouse's estate, potentially reducing the overall estate tax burden for the family. The beneficiaries of the "B" Trust typically consist of the grantor's children or other designated individuals.

Important aspects covered in this legal template include the appointment of a successor trustee (who will manage the trust upon the grantor's death), guidelines for the distribution of assets, potential tax provisions, and specific terms for the beneficiaries' rights.

With the use of this template, married individuals residing in Georgia can establish a comprehensive Revocable Trust with Disclaimer provisions tailored to their specific needs and intentions, ensuring the effective management and distribution of their assets both during their lifetime and after their passing.