Do you need a will and trust in Atlanta? The real question you should be asking yourself is: What happens when I am no longer around, and is there a good plan of action in place that serves the best interests of my family?
The reality is that none of us are going to live forever. But by planning ahead, we can ensure that there’s a solid plan of action in place to safeguard our estate and pass as much wealth on to our heirs as possible.
What follows are all the reasons why you want to consider getting a will and trust in Atlanta.
Before we dig in, though, let’s first explain the difference between a will and a trust.
- A will is basically a list that entails who your property or money is passed on to after you die. You can update a will any time you please, but it’s advised that you consult with legal counsel before doing so.
- A revocable trust – also commonly known as an inter vivos trust – is created to place property, wealth, assets and other holdings into while you are still alive. You still control the trust, hence why it’s called a revocable trust, and you still technically retain the titles to any property housed within the trust. As far as the IRS is concerned, you’re the taxable owner.
- An irrevocable trust (one of the most popular) offers many benefits over a will. One reason: they are nearly ironclad (when properly created). For instance, an irrevocable trust means that the trust technically owns the properties and wealth you’ve accumulated, meaning that creditors can’t touch it. This also means that when you do die, the estate isn’t hit with your typically high estate taxes, and you can amend an rerrevocable trust.
When you do die, wills pass through a lengthy, and often drawn-out, proceeding called probate. They also become part of public record – which means anyone with prying eyes can learn about you and your family. Unlike wills, however, trusts do not undergo probate and therefore remain private.
It’s not uncommon to have both. Combined, trusts and wills are powerful tools that you can put into place now to protect your family, reduce tax liability and safeguard your assets well into the future and after your passing. The surest course of action you can take now is to ensure that your will and trust are properly set-up, and that you have the right legal counsel helping you to do so along the way.
We’ve helped countless clients prepare their estates for the future. Our legal professionals specialize in wills and in trusts can help provide insight into your best course of action. Give us a call today to discuss your options.