Trusts in family law: useful, flexible and sometimes complex

As many estate administration and family law lawyers often point out, trusts can be very dynamic legal tools that allow for optimal planning and flexibility.

Consider for a moment a case where parents seek to provide for their children as the kids enter adulthood, yet with the parents still maintaining some essential controls over assets that are ultimately pegged for the children.

A trust can achieve that aim, and in impressive fashion. Properly crafted with relevant input from a proven attorney, a trust can parcel out funds over time and for a specified reason. Some representative examples underscoring the flexibility and great utility of trusts include these fashioned outcomes:

  • Money to be disbursed in installments when a child reaches the age of majority, paid out on dates specified in the trust instrument
  • Funds to be released to pay for college tuition
  • Trust principal to be used for an adult child’s home purchase
  • Trust assets to be used to pay for a child’s wedding

Truly, the applications of a trust are nearly limitless, and millions of Americans find them to be invaluable for future planning, asset preservation and desired disbursal.

What many parents don’t plan on, though, is divorce, which, as we note in an article on our website discussing marital dissolution and trust accounts, can render various trust vehicles more than a bit problematic.

The reason why: If a trust was structured in a particular way, it could be deemed divisible property and subject to equitable property division under Georgia law.

In other words: Its original intent could be undermined.

Ideally, and in most instances, that will not happen when parties and proven attorneys sit down early on and fully discuss asset-related goals regarding their children and how a trust can fully — and safely — promote them.

And when a trust does become a point of issue in a divorce, it can be important for a divorcing party to enlist the help of a proven divorce attorney who has experience working with trusts and matters involving asset division.

The attorneys at The Siemon Law Firm do precisely that type of work, seeking to fully protect the legal rights of our clients in every case we take. We welcome your online visit to our firm.

How The Siemon Law Firm Can Help

Contact our Georgia Family Law Firm by calling 770-888-5120 or by completing this contact form.

An attorney will respond within 24 business hours.

    Fields marked with an * are required

    I Have Read The Disclaimer *

    Our Office Locations

    Map of office locations

    Cumming, Georgia

    347 Dahlonega Street
    Building 100
    Cumming, GA 30040 770-888-5120 Cumming Law Office Map

    Marietta, Georgia

    One Parkway Center
    1850 Parkway Place, Suite 715
    Marietta, GA 30067 770-888-5312 Marietta Law Office Map

    Alpharetta, Georgia

    4555 Mansell Road
    Alpharetta, GA 30022

    770-888-5093 Alpharetta Law Office Map

    Atlanta, Georgia

    3400 Peachtree Rd NE
    Suite 555
    Atlanta, GA 30326 770-888-5078 Atlanta Law Office Map