Setting up a trust in Georgia in 2023
Since 2003, Healy Consultants Group PLC assists multinational Clients establish trusts and foundations in countries around the world.
What is a trust?
A trust is used primarily for estate planning and is formed when the establisher of the trust (trustor) hands over assets to a 3rd party (trustee) who will manage the assets. In the event of the trustor’s death, the trustee will distribute the assets to the beneficiaries as decreed by the trustor’s wishes.
Types of trust available in Georgia
- Living Trust – A trust established while the trustor is still alive who can also be nominated as the trustee. The will of the trustor can therefore be enacted while he/she is still alive.
- Testamentary Trust – A trust that is established by terms specified in the trustor’s final will and testament, which should also dictate who the trustor will be as well as what assets/funds will be given to the beneficiaries.
- Educational Trust – A trust that is established with the specific purpose of covering all costs related to an individual/s education.
Steps to set up a trust in GeorgiaSetting up a trust in Georgia is easy if you know how.
- Select the type of trust you would like to establish;
- Select the person who will be the trustee for your trust;
- With the assistance of a professional, draft the trust decree;
- Sign the trust decree in the presence of a notary public;
- With the help of a professional, allocate the desired assets into the trust.
Healy Consultants Group PLC will assist our Clients with all the above steps.
Setting up a foundation in Georgia in 2023
What is a foundation?A foundation is a legal entity which has no shareholders and is formed for the purpose of receiving funds/assets which are then managed as decreed in the foundation’s forming memorandum and articles of association. The decree is carried out under contractual obligation as opposed to fiduciary principles.
Establishing a Foundation is similar to incorporating a company in Georgia.
Why establish a Trust of Foundation?
- Capital gains taxes which are levied on any properties transferred to your beneficiaries in the event of your passing, will suffer reduced, or be exempt, from tax.
- It will ease the burden on your family in the event of your death. A properly-structured trust or foundation will mean they avoid using the courts to enact your will, thereby helping avoid family disputes over assets.
- Trusts and foundations allow our multinational Clients to plan your assets and estate carefully and meticulously with contingencies in case of your passing, setting up primary and secondary beneficiaries and specific conditions by which the beneficiaries can change.
Healy Consultants Group PLC will be happy to assist you to set up a trust or foundation in Georgia as part of a sound wealth management and succession planning strategy.