The Difference Between Wills and Trusts
Wills and trusts are essential documents for estate planning, but it is crucial to understand what they are designed to accomplish. The benefits of each are modified by specific laws and regulations that govern them. Ideally you will use both documents, ensuring the information in one complements the other.
What Is a Last Will and Testament?
A will is a legal declaration that empowers you to decide who inherits your assets, raises any minor or disabled adult children, and oversees your estate after you have passed. If you do not have a will, your family may experience confusion about your wishes while they are still in mourning. As a result, the probate court has to step in and decide how your estate should be divided among your heirs. Even if your will makes your desires known and gives directions to your family about how you want your hard-earned assets to be divided, it can be contested.
What is a Trust?
A will must go through probate court, but a trust does not. Georgia probate court can be expensive, time-consuming, and public. Many people prefer to keep their family and financial affairs private after their death, just as they did during their lifetime. Having a trusted attorney helps you draft the proper legal documents that give certain people access to accounts, make financial and healthcare decisions, and carefully time asset transfers.
The Pilgrim Law firm helps you understand how various documents work together to make your wishes clear and concise. The most common estate planning documents used include:
- A Last Will and Testament
- A Trust - Revocable or Irrevocable
- A Living Will
- A Durable Power of Attorney
- A GA Health Care Proxy
