For many people, creating a plan that outlines how their beneficiaries should be cared for after they pass away is a must. While you’re creating this plan, you’ll likely hear about wills and trusts. Understanding the differences between the two will help you determine which best suits your needs. To find out more, consult the guide below.

Wills

A will refers to a document that outlines who should receive your assets after you pass away. These assets may include bank accounts, real estate, automobile, jewelry, and other high-value belongings. Depending on the situation, your will might also outline additional specific instructions, such as who should be the guardian of your children. 

One main difference between wills and trusts is that the former is required to go through probate, or the process of evaluating your estate to ensure any outstanding debts and taxes are settled. Wills also require an executor, or a person who oversees the probate and asset division process.

Trusts

Trusts are designed to manage assets, both while you’re alive and after you pass. Some opt to be their own trustee, while others choose a successor to take over once the individual is no longer capable of making decisions for themselves.

One of the primary benefits of this estate planning method is that your assets don’t have to go through conservatorship and won’t go through probate. This allows the assets to be distributed to your beneficiaries much faster and more directly. However, your trust will only apply to any assets outlined in the document. Whatever is left out will need to go through probate.

If you need help deciding between wills and trusts, turn to the professionals at Dyer & Rusbridge PC in Canton, GA. These attorneys serve clients throughout Cherokee County and are proud to offer a broad range of estate planning services. Visit their website to learn more about their practice, and call (770) 479-7418 to schedule a consultation.