Download this Georgia Irrevocable Living Trust form in order to set aside certain property and assets of your choosing to be administered for the benefit of your loved ones. A trust allows some flexibility as to how and when your assets are paid out. You can choose to specify an age restriction on beneficiaries before they are able to receive funds. You can specify that the money only be spent on certain things. In addition, you choose a person to hold the property and make sure your trust instructions are carreid out. This person is called a trustee and he or she has a fiduciary responsibility to make sure that all actions taken are for the benefit of the beneficiaries.
An irrevocable trust is not meant to be revoked or changed. As a result of giving up this control and if prepared and executed properly, placing assets in an irrevocable trust can have the effect of removing those assets from the grantor’s taxable estate. AN attorney should be consulted to make sure the trust is prepared and executed properly.