What would happen to your belongings if something unexpected occurred? Or perhaps you’re assisting an aging parent and unsure of the best steps to take to secure their future? That is precisely why Georgia offers living trusts and living wills. A living trust and a living will are two essential tools in estate planning. While they both play vital roles, they serve different purposes. Understanding how these two differ is helpful, especially if you’re navigating estate planning in Georgia. Let’s break it down together! Keep reading to learn about living trust vs. living will!
4 Things To Know When It Comes To Living Trust vs. Living Will in Georgia
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Differences in Purpose
A living will is like a roadmap for your loved ones. It guides them on your healthcare wishes if you can’t express your preferences. These documents can outline the types of treatments you prefer and those you’d rather avoid. They may also outline issues like organ donation.
On the other hand, a trust is a special arrangement. In a trust, you, as the grantor, hand over your assets to a trustee. The trustee manages and distributes them according to your wishes. It can happen either while you’re still around or after you’ve passed on.
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Effectiveness Timing
A living trust is effective right from the moment you create it! It stays active throughout your lifetime and continues to work even after you’re no longer around. On the other hand, a living will can help guide healthcare decisions in tough moments.
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Probate Process
Trusts are a handy option that can help you skip the probate process, making it quicker and easier for heirs to receive inheritance! A living will doesn’t deal with assets or estate distribution; it ensures your healthcare wishes are known and respected.
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Privacy
One of the great benefits of trusts is that they help keep your affairs private. They can also speed up the process of distributing assets. Trusts provide more control over how your loved ones receive their inheritance. A living will may also be private, but details may become known to others if there is scrutiny during healthcare decisions.
Living wills and living trusts might sound similar, but they serve different purposes. Seniors should consult with estate planning attorneys when drafting wills and trusts.
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