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What’s the difference between a living trust vs will in Georgia?
In this article, you’ll learn about:
Let’s dig in.
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Let’s look at the difference between living trust and wills in Georgia.
A will is a legal document that outlines how a person’s assets will be distributed after their death.
A living trust is a legal arrangement where the grantor transfers assets to a trustee to manage for the benefit of beneficiaries.
In Georgia, the difference between a will and a living trust is how they manage and distribute assets:
Let’s look at what is a living trust vs will in Georgia.
A will in Georgia outlines a person’s wishes for distributing their assets and property after death.
A Georgia will also:
To be valid will in Georgia, a will must be:
In Georgia, a will serves several purposes:
A living trust in Georgia is a legal arrangement where a person (grantor) transfers their assets to a trust.
That trust is managed by a trustee for the benefit of named beneficiaries.
It can be revocable or irrevocable, allowing for changes or remaining unalterable.
A living trust in Georgia:
In Georgia, a living trust serves several purposes:
Read More: Can You Have Both A Will And A Living Trust?
Here is a table showing a living trust vs will in Georgia.
Aspect | Living Trust | Will |
---|---|---|
Probate | Avoids probate | Goes through probate |
Privacy | Private, not part of public record | Public record, accessible |
Timing | Active during life and after death | Takes effect only after death |
Management | Manages assets during incapacity | No provision for incapacity |
Flexibility | Revocable trust can be changed | Can be changed |
Irrevocable trust is unalterable | ||
Cost and Complexity | Generally more expensive and complex to create | Generally less expensive and simpler to create |
Guardianship | Typically does not include guardianship provisions | Can designate guardians for minor children |
Asset Protection | Irrevocable trusts can offer asset protection | Limited asset protection |
Advantages of a living trust in Georgia:
Advantages of a will in Georgia:
There are disadvantages to both a will and a living trust.
Disadvantages of a living trust in Georgia:
Disadvantages of a will in Georgia:
Both living trusts and wills have their drawbacks.
But the best choice depends on an individual’s unique needs and priorities.
Let’s look at how you can use both a will and living trust together in Georgia.
You can use a living trust and will together in Georgia.
You can do this by creating a “pour-over will” that complements your living trust.
Here’s how using a living trust and a will together works:
You should use a living trust and pour-over will together in Georgia.
It ensures that all assets are properly distributed and managed according to your wishes.
Read More: How To Set Up A Trust In Georgia
The cost of a living trust is generally higher than a will.
Living trusts require more work upfront, including transferring assets and property into the trust.
The cost of creating a living trust can range from $1,000 to $3,000 or more.
More complex living trust setups can cost $5,000+.
Wills, on the other hand, are simpler documents.
They can cost between ~$1,500 – $2,000.
Here are questions clients ask us about living trusts vs living wills in Georgia.
Yes, you can have both a will and a living trust in Georgia.
A will outlines how to distribute your assets upon death.
While a living trust:
These are the benefits of a living trust vs will in Georgia.
Benefits of a trust in Georgia:
Benefits of a will in Georgia:
A will and a trust serve different purposes in estate planning.
A will distributes assets after death, appoints guardians for minor children, and names an executor.
A trust manages assets during your lifetime and transfers them to beneficiaries after death or incapacitation, often avoiding probate.
A will and living trust serve different purposes.
And one may be better than the other depending on your individual needs.
A will outlines your asset distribution upon death and allows you to name a guardian for minor children.
A trust manages and distributes assets during your lifetime and after death, avoiding probate.
Consider these factors to determine if a living trust is better than a will:
Yes, if you have a trust, you still need a will.
A trust handles the management and distribution of assets placed in it.
While a will covers assets not included in the trust.
Having both ensures all your assets are properly distributed.
And a will can also:
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