Most people we speak with know they should have a plan in place. The problem is the starting point. Do you need a will, a trust, or both? That pause is common. We hear it every day at our office. This newsletter helps clears up the confusion and explains these tools in clear, everyday language, so you can decide what fits your goals and your family.
 

The Will: Your Foundation

What a will does

A will is a written set of instructions that speaks after death. It tells the court who should receive your property and who will care for your minor children.

When it takes effect

A will has no legal power while you are alive. If illness or injury leaves you unable to manage your affairs, a will does not step in to help.

Why it matters

For parents, a will plays a vital role. It is the only place where you can legally name guardians for your children. That peace of mind alone makes it essential for many families. In fact, even if you have a trust, a will should also be prepared for you to handle anything not in the trust at your death, and to nominate guardians for your minor children, if applicable. 

The Revocable Living Trust: Support During Life and After

What it is

A revocable living trust is a legal container you create while living. Your assets are placed inside it. Think of it as a suitcase you put your assets in. While alive, you are still fully in control, but if you become incapacitated or pass away, someone you trust, who has been named in your trust as a successor trustee, will take over and manage the trust following your instructions. 

How it works

A trust works during your lifetime and after death. If health issues arise, the person you named can manage things without court involvement. Likewise, if you pass away, your successor trustee can immediately step in to manage assets in the trust. 

Staying in control

You remain in charge. You can change the trust, add property, or end it as long as you are able to act for yourself.  

Key Differences at a Glance

Probate

• Will: Goes through a court process after death. In metro Atlanta, expect a probate case for your will to take ten months or more to fully settle your estate.  Add one to three years to that timeline if anyone fights about your will or your assets. 

• Trust: Often avoids court, which can mean less delay. This means that they are readily available to help care for your loved ones, instead of being locked up in probate for some time. It also means that court challenges are less likely and more difficult.  

Privacy, cost, and control

• Privacy: Wills become public. Trusts stay private.

• Cost: Wills usually cost less to create, but your loved ones will incur probate costs and fees when settling your estate following your death. Trusts require more upfront planning and incur a higher upfront cost, but save money on probate following your death.

• Control: Trusts allow you to decide how and when loved ones receive assets. Wills do too, to an extent, but a trust offers more flexibility and nuance while avoiding court oversight.
   

Every family situation is different. Peach State Wills and Trusts is here to listen and help you choose tools that fit your life. If you have any questions about estate planning in Georgia, you can download our free guide here https://www.peachstatewills.com/freeguide, no strings attached.

If your plan needs a fresh look or you are just getting started, now is a good time to begin the conversation. Call us at 678-344-5342 to schedule a time to talk.