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Do you need both a trust and a will?

On Behalf of | Aug 2, 2021 | Wills and Probate |

Many people throughout Georgia are concerned about what will happen to those they leave behind. There is a thoughtful and careful way to handle these issues in advance. The method is estate planning, and one of the most important aspects of planning your estate is having a will. However, in some circumstances, that might not be sufficient. You might have heard about the importance of also having a Trust. Here’s more information to help you determine if you need both.

Having complete control of your assets

One of the main advantages of having a Trust is avoiding probate, which is often a time-consuming and costly process. In probate, a court decides how to divide your assets. With a Trust, you won’t have to worry about a stranger deciding what your beneficiaries will receive.

Protecting your beneficiaries

If you’re like most people, you’ve worked hard to accumulate everything in your estate. Considering that, one of the main goals of a trust is to protect assets left to your beneficiaries from lawsuits and creditors. If you have an irrevocable trust set up for your beneficiaries, the assets in it can’t get taken away in a judgment.

Helping beneficiaries with special needs

You might not be aware of it, but certain mechanisms of estate planning can be put in place to protect people who have their own unique requirements or incapacities. If you want to provide care for beneficiaries with special needs, you can set up a special needs trust. This type of trust also helps ensure that these individuals remain eligible for Medicare benefits.

As the head of an estate, it’s important to control how your wealth gets distributed. If you need help properly making your final arrangements, it could be a good idea to seek professional assistance. With an attorney’s help, you can also find out more detailed information about wills and trusts.

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