Will and Living Trust Explained
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 allow 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 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.