At S. Dixon Law Offices, we understand that as you journey through life you realize the importance of leaving a legacy for your family. You have worked hard, saved money, and managed your financial affairs well. So it’s only natural that you want to continue to be a good stewart over what happens to your assets for the rest of your life as well as after your death. Even if you are a person of modest means, you have an estate. Therefore, it is important to choose an estate plan that will ensure that your assets are distributed according to your wishes. The right estate plan and strategy depends upon your individual circumstances and personal goals. For some people, a Revocable Living Trust can be a useful and effective tool. For others, a Will may be the best choice for them.
What is a Revocable Living Trust and how does it differ from a Will?
Will : A will is a written document that indicates how your property will be distributed at the time of your death. It can be amended or revoked during your lifetime. In Georgia, the Will must be witnessed and signed. A Will also allows you to appoint a guardian for your minor children.
Revocable Living Trust: A Revocable Living Trust provides lifetime and after-death property management. If you are serving as the Trustee, the Trust should provide for a Successor Trustee upon your death or incapacity. Court intervention is not required. Revocable Living Trusts are used to manage your property. If you become disabled by accident or illness, the Successor Trustee will manage the Trust property. As a result, the expense, publicity, and delay of probate can be avoided.
If a Revocable Living Trust is properly drafted and funded, you can plan for the possibility of your own incapacity, avoid probate, control what happens to your estate after you are gone, and prevent the distribution of your estate from becoming a matter of public record.