Wills and Trusts

Understanding the Difference Between a Will and a Trust in Georgia

Planning for the future is a crucial step in ensuring that your assets are distributed according to your wishes. Two of the most common estate planning tools in Georgia are Wills and Trusts. Both serve important purposes, but they function in different ways. At Russell W Pope, Sr., LLC, we help residents of Metro Atlanta and all of Georgia navigate the complexities of estate planning. If you have questions about which option is best for you, contact us at 1-770-775-6200 or visit our website at www.OnlyDisabilities.com.

What Is a Will?

A Will is a legal document that outlines how your assets, such as property, money, and personal belongings, will be distributed after your death. In Georgia, a Will can also designate guardianship for minor children. Here are some key points about Wills:

• Probate Process: A Will must go through probate, a court-supervised process that ensures the Will is valid and executed according to the deceased's wishes.
• Executor: The person named in the Will as the executor is responsible for carrying out the terms of the Will, paying off debts, and distributing assets.
• Flexibility: You can change or revoke your Will at any time, as long as you are mentally competent.
• Public Record: Once a Will goes through probate in Georgia, it becomes a public document.

What Is a Trust?

A Trust is a legal arrangement where one party (the trustee) holds and manages assets on behalf of another (the beneficiary). Trusts come in several forms, including revocable and irrevocable trusts. Below are some important aspects of Trusts:

• Avoids Probate: Unlike a Will, a properly funded Trust bypasses the probate process, allowing assets to be transferred to beneficiaries more quickly and privately.
• Trustee: The trustee manages the Trust according to its terms. In a revocable Trust, the person who creates the Trust (the grantor) can also serve as the trustee during their lifetime.
• Flexibility: A revocable Trust can be altered or canceled by the grantor at any time, while an irrevocable Trust cannot be easily changed.
• Privacy: Because a Trust does not go through probate, its contents and distribution remain private.
• Asset Protection: Trusts can provide protection against creditors and ensure that assets are preserved for future generations.

Which Option Is Best for You?

Choosing between a Will and a Trust depends on your individual circumstances. A Will may be sufficient for those with straightforward estates, while a Trust can offer more control and protection for complex estates or those with specific wishes regarding how assets should be distributed over time.

Estate Planning in Georgia

At Russell W Pope, Sr., LLC, we understand that estate planning can be overwhelming. Whether you're interested in drafting a Will or setting up a Trust, we are here to guide you through every step of the process. Serving clients across Georgia, we provide personalized estate planning solutions tailored to your needs.

For more information on Wills and Trusts in Georgia, or to schedule a consultation, contact our office at 1-770-775-6200 or visit www.OnlyDisabilities.com.

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