Wills vs. trusts: What do you need in Georgia?

We’ve all heard discussions of “wills” and “trusts” after a person has died, but many people wrongly believe that these are just tools for the wealthy. On the contrary, it’s important for everyone to utilize these documents so that there’s a plan in place for your loved ones after you pass.

Wills and trusts are just pieces of the larger estate planning process, which can help lay out a person’s preferences for the future and the future of their loved ones. 

So what is the difference between a will and a trust? And which one should you use to plan your estate? Marietta Estate Planning helps clients throughout Georgia draft their wills and trusts, and we’re here to walk you through it.

Wills and trusts are both part of the estate planning process, but they are fundamentally different types of documents in the Georgia legal system.

1. A will is a written document that is signed and witnessed, expressing a person’s wishes for their assets, property, and heirs. This document can be created fairly quickly and becomes active after your death. 
2. A trust, on the other hand, is used for purposes of estate planning. It becomes active the day you sign it, and can even distribute property or assets while you’re still alive. 

Both wills and trusts can be altered at any time while you’re still alive and should be updated over time to reflect changes in your family circumstances.

One of the most significant differences between wills and trusts is their relationship to the probate process. 

The term “probate” literally means “proving,” and probate court is an area of Georgia law that deals with a person’s assets and properties after their death. Probate court can often be a lengthy and expensive process. It’s also a public process, which can make for an ugly mess in cases where the deceased’s family are contesting the will. 

Trusts, luckily, do not need to be assessed in probate court. This means that trusts may be cheaper and simpler in the long run, even if they are more complicated to create. It also guarantees the deceased person and their family a bit more privacy in managing their affairs.

Wills and trusts both have pros and cons, and which document is more useful to you will depend on your circumstances. 

While a will may seem like the quicker route at the moment, a trust is the safer way to ensure your family’s affairs are kept private and out of the probate court system. Another alternative is to create both to make sure you have all your bases covered.

The best way to decide between a will and a trust to manage your estate is to talk it over with a Georgia attorney experienced in estate planning.

Whatever the details of your situation, there is an estate plan that is right for you. At Marietta Estate Planning, we are here to help you figure it out. We work with families all over the state of Georgia to help ensure they have a plan of action for the future. Contact us today to schedule a consultation.