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Living Trust Vs Will In Georgia: 5 Differences Between Living Trust And Will

Living Trust Vs Will In Georgia - What Is The Difference Between A Will And A Trust - Will Vs Living Trust - Difference Between Living Trust And Will

What’s the difference between a living trust vs will in Georgia? 

In this article, you’ll learn about:

  • the differences between a living trust and a will
  • whether a living trust or will is best for your situation
  • advantages and disadvantages of each of them
  • how to use a living trust and a will together to avoid probate

Let’s dig in. 

Table of Contents

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What Is The Difference Between A Will And A Trust?

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:

  • Probate: Wills in Georgia go through probate, a public court process, while trusts avoid probate, offering privacy and faster asset distribution.
  • Timing: Wills take effect after death, while trusts can be active during the grantor’s lifetime and after death.
  • Management: Trusts allow for asset management if the grantor becomes incapacitated, while wills don’t provide this feature.
  • Flexibility: Wills in Georgia can be changed more easily than irrevocable trusts in Georgia.
  • Cost: Wills are generally less expensive and simpler to create than trusts in Georgia.

Let’s look at what is a living trust vs will in Georgia.

What Is A Will?

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 writing (i.e., not a verbal will)
  • signed by the person making the will (testator)
  • witnessed by at least two competent witnesses
  • notarized

In Georgia, a will serves several purposes:

  • Distributes Assets: A will outlines how a person’s property and assets are distributed after their death.
  • Names An Executor: A will appoints an executor to manage the estate, pay debts, and distribute assets according to the will’s terms.
  • Appoints Guardians: A will can designate guardians for minor children, ensuring their care and well-being.
  • Specifies Funeral Arrangements: A will can include instructions for funeral and burial preferences.
  • Revokes Prior Wills: A will can revoke earlier wills, preventing confusion or conflicts in estate administration.

What Is A Living Trust In Georgia?

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:

  • Manages Assets: A living trust allows a trustee to manage assets for the benefit of named beneficiaries during the grantor’s life and after their death.
  • Avoids Probate: A living trust bypasses probate, enabling a faster and more private distribution of assets.
  • Provides For Incapacity: A living trust allows for asset management if the grantor becomes incapacitated, ensuring their financial affairs are handled.
  • Can Be Revocable Or Irrevocable: A revocable living trust can be changed or revoked during the grantor’s life, while an irrevocable trust cannot be altered once established.
  • Reduces Potential Disputes: A living trust can minimize the chance of disputes among beneficiaries or challenges to the estate distribution.

Read More: Can You Have Both A Will And A Living Trust?

Living Trust Vs Will In Georgia

Here is a table showing a living trust vs will in Georgia. 

AspectLiving TrustWill
ProbateAvoids probateGoes through probate
PrivacyPrivate, not part of public recordPublic record, accessible
TimingActive during life and after deathTakes effect only after death
ManagementManages assets during incapacityNo provision for incapacity
FlexibilityRevocable trust can be changedCan be changed
Irrevocable trust is unalterable
Cost and ComplexityGenerally more expensive and complex to createGenerally less expensive and simpler to create
GuardianshipTypically does not include guardianship provisionsCan designate guardians for minor children
Asset ProtectionIrrevocable trusts can offer asset protectionLimited asset protection

Advantages Of A Living Trust vs Will In Georgia

Advantages of a living trust in Georgia:

  • Avoids Probate: Living trusts bypass probate, allowing for faster and more private asset distribution.
  • Privacy: Trusts are not part of the public record, keeping personal information confidential.
  • Incapacity Management: Trusts provide for asset management during the grantor’s incapacity.
  • Continuous Asset Management: Trusts allow for seamless asset management during the grantor’s life and after death.
  • Reduces Disputes: Trusts can minimize disputes among beneficiaries or challenges to the estate distribution.

Advantages of a will in Georgia:

  • Simplicity: Wills are generally easier and less expensive to create compared to living trusts.
  • Flexibility: Wills can be changed or updated as needed, providing adaptability to life changes.
  • Guardianship Provisions: Wills allow for the appointment of guardians for minor children.
  • Specific Bequests: Wills enable the testator to make specific bequests to individuals or organizations.
  • Control Over Asset Distribution: Wills provide a clear roadmap for distributing assets according to the testator’s wishes.

Disadvantages Of A Living Trust vs Will In Georgia

There are disadvantages to both a will and a living trust.

Disadvantages of a living trust in Georgia:

  • Higher Cost: Creating and maintaining a living trust is generally more expensive than a will.
  • Complexity: Setting up a living trust is more complex, requiring additional steps like transferring assets to the trust.
  • Ongoing Management: Trusts require ongoing administration by the trustee.
  • Limited Guardianship Provisions: Living trusts typically don’t include provisions for appointing guardians for minor children.
  • Incomplete Asset Protection: Revocable living trusts don’t offer the same asset protection as irrevocable trusts.

Disadvantages of a will in Georgia:

  • Probate: Wills go through probate, which can be time-consuming, costly, and public.
  • No Incapacity Provisions: Wills don’t provide for asset management during the testator’s incapacity.
  • Limited Asset Protection: Wills offer limited protection for assets from creditors or legal claims.
  • Public Record: Wills become part of the public record, potentially exposing private information.

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.

How To Use A Living Trust And A Will 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:

  1. Establish A Living Trust: Set up a revocable living trust and transfer your assets to the living trust, allowing for ongoing management during your life and after death.
  2. Create A Pour-Over Will: Draft a will that directs any remaining assets not already in the trust to “pour over” into the trust upon your death.
  3. Appoint Guardians: Use the will to designate guardians for your minor children, as living trusts typically don’t include such provisions.
  4. Probate For Remaining Assets: The pour-over will goes through probate, transferring the remaining assets into the living trust, which then distributes the assets according to the trust terms.
  5. Asset Management: The trustee manages and distributes trust assets to beneficiaries privately and efficiently, without the need for probate.

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

What Is The Cost Of Living Trust vs Will 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.

FAQs About Living Trust Vs Wills In Georgia

Here are questions clients ask us about living trusts vs living wills in Georgia.

Can You Have Both A Will And A Living Trust?

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:

  • manages assets during your lifetime 
  • transfers them to beneficiaries after death 

What Are The Benefits Of A Trust Vs Will?

These are the benefits of a living trust vs will in Georgia.

Benefits of a trust in Georgia:

  • Avoids probate, saving time and money.
  • Provides privacy, as it’s not a public record.
  • Allows for management of assets during incapacity.
  • Can help reduce estate taxes in some cases.
  • Offers more control over asset distribution.

Benefits of a will in Georgia:

  • Simple and cost-effective to create.
  • Appoints guardians for minor children.
  • Designates an executor to manage estate.
  • Addresses assets not included in a trust.
  • Can be easily updated or modified.

What Is Better A Will Or A Trust?

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.

Is A Will Better Than A Trust?

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:

  • Probate: Trusts avoid probate, while wills go through probate. Avoiding probate can save time and money.
  • Privacy: Trusts are private documents, while wills become public records during probate. If privacy is important, a trust is better.
  • Cost: Wills are generally less expensive to create, while trusts can be more complex and costly. However, trust-related costs may be offset by avoiding probate.
  • Management: Trusts allow for asset management during your lifetime and in case of incapacity. Wills don’t provide this benefit.

Do You Need A Will If You Have A Trust?

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:

  • appoint guardians for minor children 
  • name an executor for your estate

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  • Creditors seizing your assets
  • Lawsuits jeopardizing your family’s financial security
  • Family disputes over inheritance
  • Costly and time-consuming probate processes

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