A Will, also known as a Last Will and Testament, is a document stating how your probate estate is distributed after you die. It has no legal effect until it is probated. In Georgia, Wills are probated in the Probate Court for the county where the decedent resided.
A Trust is a different sort of document. A trust can have legal effect before your death, after your death or both. A Trust can solve problems associated with managing money after your death, such as looking after a loved one who isn’t able to manage money. Trusts create a set of rules concerning how your assets are managed, used and distributed by a Trustee.
Common reasons for using a trust include:
So, the bottom line is everyone should have a Will, but you only need a trust if there is some reason for using one. There is nothing wrong with having a trust if it’s going to provide some benefit to you or your loved ones, but you should understand the reasons for needing one. Be wary of advisors who recommend a trust without discussing the reason for having one. Some advisors operate or are associated with “trust mills” who charge significant fees to set up trusts. And like hammer salesmen who think every problem looks like a nail, if you’re running a trust mill, every estate needs a trust.
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