Do You Need A Will, Trust, or Both?
The best way to protect yourself and your loved ones is to make sure you have the proper documents in place. Whether that be a Trust, a Will, or a combination of both, it is important for you to consult an attorney to best determine your needs. This blog will help you understand what each document does to see if it fits your needs.
A Will determines what happens to your assets after you die.
A Trust (living revocable Trust) determines what happens to your property while you are alive.
If you become incapacitated or die, the Trust can be set up to appoint a successor trustee that can handle the Trust just as you have pre-determined. Of course, you can also set up a Trust within your Will for the management of property on behalf of your beneficiaries after you die.
Benfits of Wills
A lot of people ask themselves, “do I need a Will?” No matter how big or small your assets are, it is important that you have a Will. In your Will, you will be able to determine where your assets go – big or small. Your home, your cars, your china collection, and your jewelry are just some specific things that can be gifted to any one of your choosing. Or you can simply state that you want all your assets at the time of your death to be divided amongst your living children.
A Will is something that you get to personalize to fit you and your family. If you have children, it is essential that you have a Will in place. A person who dies without a Will is leaving decisions regarding guardianship of their children up to the court system. A Will is the best document to ensure that your family is taken care of after your death.
Benefits of a Trust
A Trust is just as important as a Will. The most common trusts are living revocable trusts. This is a trust that is effective during your lifetime that can be changed at your discretion. Generally, larger assets are put into a Trust so they can be managed by you or a successor trustee if you become incapacitated or die. This is a mechanism that is used as a part of estate planning to make the probate process a bit easier for your loved ones.
CONTACT AN ATTORNEY
To determine which is the right fit for you and your family, give one of our numerous estate planning attorneys a call. Here at Smith, Welch, Webb & White, we want to make sure you and your family are protected.
Call or contact the law office of Smith, Welch, Webb and White for experienced attorneys that can serve your legal needs. We have six convenient locations in McDonough, Stockbridge, Peachtree City, Jackson, Barnesville, and Griffin. We serve clients all over the state as one of Georgia’s most respected law firms.