Residents of Georgia often find themselves procrastinating, even if they know the importance of meeting with a wills and trusts lawyer. The whole subject just seems so complicated, and there are certainly more enjoyable ways to spend one’s time then pondering death and taxes. The fact that things can be really confusing seems to give us all the encouragement we need to just tell ourselves that we’ll take care of the estate planning stuff “later.”
Of course, you know what I’m going to say next! You never know when “later” is going to make an appearance, and if you’re not set up in advance, all the legal advice about wills and trusts in the world won’t be of any help. Yes, this truly is something you need to do in advance. Perhaps demystifying some of the terms involved with wills and trusts will give you the confidence you need to take the next step.
Will vs. Living Will
Most people probably get that “will” and “living will” are two different things, but a whole lot of them couldn’t actually tell you what exactly makes them different. The term “will” is likely most familiar, as we’ve all seen them discussed on TV and in the movies. It’s that document that is used to tell the courts what should be done with a person’s assets after he or she dies.
In the movies, there’s usually a dramatic reading of the will with close-ups of shocked widows and angry siblings who have been unceremoniously cut out of the family fortune. While wills and trusts lawyers in Georgia do see their share of hurt feelings and miscommunications, things are rarely as dramatic as they are on the big (or small) screen.
While a will is used after death, a living will is not. It’s actually a document that includes a variety of instructions to be followed if you are alive but unable to speak for yourself for some reason. This is usually referred to as being “incapacitated.” You could be too ill to communicate, in a coma due to an accident, or some other variant that renders you unable to let doctors and others know what your wishes are regarding healthcare and other major decisions.
Trust vs. Living Trust
You may see a bit of a pattern here. A trust is generally used as a way to disperse assets after the owner has passed away. A trustee is put in charge of following very specific instructions that have been put in place to direct how the money and other assets in the trust are to be used.
A living trust, on the other hand, is used to protect many different kinds of assets during the owner’s lifetime. A Georgia wills and trusts lawyer may recommend a living trust for many different reasons. For example, this kind of trust can be used to allow the individual to stay in his or her home while transferring ownership.
Each of these types of wills and trusts is something that should be discussed with a knowledgeable attorney in the state where you reside, as laws will differ throughout the country.
We are here to answer your questions and to help you create a plan to make things easier on your loved ones if the unthinkable happens to you. Please call us at 770-425-6060 and we’ll give you a Georgia Family Treasures Planning Session, valued at $750, for NO CHARGE. This session will educate you so you can make the best decisions for your family.