Estate planning is an important step to ensure the protection and transfer of your assets according to your wishes. While there are several tools available, living trusts stand out for several reasons. Peach State Wills & Trusts is here to guide you in understanding the benefits of a living trust and how it compares to other estate planning tools.
The Advantages of Living Trusts Over Other Estate Planning Tools
Living trusts provide numerous advantages over other estate planning mechanisms such as wills and powers of attorney. The most significant benefit of a living trust is probate avoidance. When you pass away, assets in your probate estate must go through a process called probate, which can be both time-consuming and incur court costs and legal fees. A living trust, however, allows your assets in the trust to bypass probate, leading to a quicker and more cost-effective transfer of your estate to your heirs.
Living trusts also offer greater privacy compared to wills. While wills become part of the public record once they go through probate, the details of your living trust, including your assets and their distribution, remain confidential.
Flexibility and Control with Living Trusts
Unlike other estate planning tools, living trusts provide a high level of control and flexibility. You have the power to alter your trust, add or remove assets, or even dissolve it entirely during your lifetime. This is in contrast to a will, which only comes into effect after your death.
That said, a will is still a crucial part of your estate plan. Wills cover important provisions not addressed by trusts, such as the appointment of guardians for minor children, along with your preferences for the disposition of your body. Thus, having both a living trust and a will helps ensure comprehensive estate planning.
Setting Up a Living Trust in Georgia: A Straightforward Process
Creating a living trust involves drafting a trust document and transferring your assets into the trust. This might sound overwhelming, but with the right legal assistance, the process is straightforward. At Peach State Wills & Trusts, we can help you navigate each step, ensuring your living trust aligns with your estate planning goals and adheres to Georgia's legal requirements.
Count on Peach State Wills & Trusts for Your Estate Planning Needs
Estate planning is more than just distributing your assets – it's about securing your family's future. Living trusts, with their numerous benefits and flexibility, can play a pivotal role in this process.
Let Peach State Wills & Trusts help you plan for your family's future in Georgia today. Contact us at 678-344-5342. For further questions about estate planning, you can download our free guide here, no strings attached.