Revocable Trust for Single Individual: Separate Share Trusts for Children (Georgia)

This legal template pertains to a specific type of trust arrangement in the state of Georgia, known as a "Revocable Trust for Single Individual: Separate Share Trusts for Children."

A revocable trust is a legally binding arrangement created by an individual, referred to as the grantor or settlor, to transfer their assets into a trust during their lifetime. The primary purpose of establishing a revocable trust is to provide for the effective management and distribution of assets upon the grantor's incapacity or death, without going through the probate process.

In this particular template, it focuses on the unique provision of separate share trusts for children within the overall revocable trust structure. A separate share trust is a mechanism used to create and manage separate sub-trusts for each child or beneficiary designated by the grantor.

The template likely contains various sections and clauses outlining the specifics of the trust, including:

1. Identifying information: The legal names, addresses, and contact details of the grantor and the children who will be beneficiaries of the separate share trusts.

2. Trustee appointment: The appointment of a trustee (which may be an individual or an institution) responsible for managing the assets and making distributions according to the grantor's instructions.

3. Asset allocation and distribution: Details on the transfer of assets into the trust and how they should be managed and distributed among the separate share trusts for the children. This could include guidelines on when and how distributions should be made, such as for education, healthcare, or general support.

4. Trust administration: Procedures and instructions for the trustee to follow regarding the ongoing administration of the revocable trust and the separate share trusts, including record-keeping, accounting, and tax-related obligations.

5. Trust revocation and amendment: Provisions allowing the grantor to modify or revoke the trust during their lifetime.

6. Contingencies: Provisions for addressing unforeseen circumstances, such as the death or incapacity of a beneficiary, and alternative beneficiaries or successor trustees.

It's important to note that while this description provides a general overview, the actual content and details of the template may vary. It is always advisable to consult with a legal professional to ensure that the specific legal requirements and individual circumstances are appropriately addressed when using such a template.