Wills and living trusts are important estate planning tools that give you the power to decide what should be done with your belongings after you’re gone. While they both allow you to control the division of your estate, each of these instruments has unique qualities that makes it ideal for families in different circumstances. Understanding the difference is key to creating an estate plan that does right by your loved ones.

The Difference Between Wills & Trusts

What Is a Will?

A will is essentially a legal document containing detailed instructions about how your property should be divided after you pass away. Even if you just have a few items of sentimental value, writing a will is the only way to ensure those precious belongings go to someone you choose rather than a family member selected by the court. While a will gives your wishes the legal authority of a court order, the estate planning instructions will be followed all at once, so you won’t be able to put conditions on the inheritance of your assets. Once filed with the court, they also become public record, so you don’t have an expectation of privacy.

Living Trusts

Unlike a will, a trust is actually a separate legal entity that takes legal possession of all of your assets. A trustee, usually an attorney or someone else you trust, will manage these assets for your benefit until your death, after which someone else you choose can become the beneficiary. A trust is the best way to maintain control over your estate, allowing you to manage the circumstances under which your loved ones receive their inheritance. Because they don’t go through probate, trusts are completely private and can dramatically simplify the estate planning process if you own property in multiple states.

Estate planning can be a confusing, overwhelming process, but the attorneys at McClure, Ramsay, Dickerson & Escoe LLP are ready to help secure your legacy. They’ve provided detailed guidance and individualized solutions to clients throughout Stephens County, GA, for over a century with a level of service generations of families have come to trust. Visit their website for more on their estate planning services or call (706) 886-3178 to schedule a consultation today.