How Wills And Trusts Serve Your Estate Planning Needs

Last updated on April 25, 2025

As you sit down to plan for your passing, there are many questions to consider. First and foremost, let us commend you for thinking about your estate in advance and creating a plan for your loved ones. As you evaluate your needs and desires for your estate, you should look for an experienced attorney to facilitate your planning needs and help you navigate the many options you have at your disposal.

At Georgia Legacy Law Group, LLC, our attorneys focus primarily on estate planning, including the important area of preparation of trusts to benefit minor children. Our experience lends us a rare insight into will and trust planning that benefits our clients immensely. If you seek a trustworthy and comprehensive estate planning resource, contact our office at 770-450-4480.

Understand The Difference Between Wills And Trusts

In many cases, the first step in empowering you to make a wise choice is understanding how wills and trusts do and do not serve your interests. Below are brief explanations of both:

• Wills provide guidance to a person you choose to be your executor (the person responsible for administering your estate). You can name what should be done with assets like your home or savings, including gifting them to a loved one or to a charity or organization. Wills also allow you to name guardians for your children. Wills are good options for individuals without large or complex assets or for whom ongoing maintenance of property is not a primary concern.
• Trusts create an ongoing structure for administering your property. Inside of a Will or a Revocable Living Trust, trusts provide an outline for who can use your property or obtain money and the circumstances in which that person may use that asset. Trusts can offer insulation from creditors, divorces, and predators. Trusts are a good option for individuals who require their property to serve an ongoing purpose or who want to spread out the distribution of their assets over time. Revocable Living Trusts are often used as a method to keep an estate out of probate.

Any property not named in a will or trust can be subject to probate law. Creating a will or trust can efficiently ease the administrative burden of your estate and preserve both your property and your wishes.

Different Categories Of Trusts

Trusts are a powerful estate planning tool that can help you manage your assets, protect your beneficiaries, and achieve specific financial or charitable goals. Below are some of the most common types of trusts and their benefits:

● Revocable living trust: Allows you to maintain control over assets during your lifetime while simplifying the transfer process after your passing, helping to avoid probate.
● Irrevocable trust: Offers asset protection and potential tax benefits by permanently removing assets from your ownership, reducing estate taxes and shielding assets from creditors.
● Special needs trust: Provides financial support for a disabled loved one without jeopardizing their eligibility for essential government benefits like Medicaid or Supplemental Security Income (SSI).
● Charitable trust: Enables you to donate assets to a charitable cause while receiving tax advantages and, in some cases, generating income for you or your beneficiaries.
● Testamentary trust: Established within a will and activated after your passing, often used to manage inheritances for minor children or beneficiaries who may require financial guidance.
● Spendthrift trust: Protects assets from irresponsible spending by controlling how and when a beneficiary can access the funds, better ensuring long-term financial stability.

Speaking with an experienced estate planning attorney can help you determine which type of trust aligns best with your goals.

Who Should Make A Will?

Creating a will is an important step in making sure your wishes are followed, your loved ones are provided for and your assets are distributed as you intend. Many people assume that wills are only for the wealthy or elderly, but in reality, nearly every adult can benefit from having one. Below are some common groups of people who should strongly consider making a will:

• Parents with minor children: A will allows you to name a guardian for your children in the event of your passing. Without a will, the court will make this decision, which may not align with your wishes. A will also helps manage your children’s inheritance.
• Homeowners and property owners: If you own real estate, a will directs how your home or land is passed down. This can help prevent disputes and make the transfer process smoother for your heirs.
• Married individuals: A will lets you specify how your assets should be divided between your spouse and other loved ones. Without one, state laws determine distribution, which may not match your preferences.
• Single individuals: If you are unmarried, a will is essential to prevent your assets from being distributed according to state default laws. Without a will, your estate may go to distant relatives instead of close friends, charitable organizations or others you would have chosen.
• Business owners: A will allows you to dictate what happens to your business after your passing. You can name a successor, help prevent disputes and create a clear plan for the future of your company.
• Blended families: If you have children from a previous marriage or relationship, a will lets you decide how your assets should be divided among your spouse, biological children and stepchildren, avoiding potential conflicts.
• Charitable individuals: If you want to leave a portion of your estate to a charitable cause, a will is the best way to document your intentions and make sure your donation is carried out as planned.

No matter your stage in life, having a will brings clarity by making your wishes known and protecting your loved ones from unnecessary legal complications.

Frequently Asked Questions About Wills And Trusts In Georgia

Below are answers to some of the fundamental questions about wills and trusts to help clarify your options.

What is a will?

A will is a legal document that outlines how your assets should be distributed after your passing. It allows you to designate beneficiaries, name an executor to manage your estate and appoint guardians for minor children. However, wills must go through probate, which can be time-consuming and costly.

What is a trust?

A trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries according to your instructions. Trusts can help avoid probate, provide ongoing financial management, and protect assets from creditors or unnecessary taxation. Depending on your goals, you can establish different types of trusts to meet your estate planning needs.

Schedule Your Appointment

As you plan for the future of your estate, you will be confronted with many logistical challenges. You will be asked to decide if and how you want to insulate your estate from taxes and probate proceedings. Speak with our attorneys to ensure your estate plan is well-considered. Dial 770-450-4480 or reach us online.