Go to navigation Go to content
Toll-Free: (888) 927-6955
Phone: (770) 487-8999
Law Offices of Shane Smith

Contact Us

Get help now! Please fill out the quick contact form below for a fast and free case consultation. We will contact you within 24 hours!

Should I Choose A Revocable Living Trust Or a Will?

Obviously, there are advantage and disadvantages involved with both of these estate planning tools.                                                                                            Here are some comparisons of the positive and negative aspects of each.

Which Estate Planning Device You Choose Depends upon Your Needs

                    Wills                                                                    A Revocable Living Trust

  1. Anyone can view these once they’ve                      1.  These provide added privacy

been filed in court;

  1. Can require complex changes                                 2.  These are fairly easy to change
  2. They can offer limited tax savings                          3.  Far more tax savings are possible

with special provisions

  1. Only becomes effective upon your death               4.  Per your instructions, these can take

                                                                                      effect immediately

  1. Must be reviewed under probate                            5.   Transfers all property free of

proceedings;                                                                  probate

  1. Frequently challenged by outsiders with                6.  Hard for anyone to challenge

legal standing                                                               the legality of these

  1. Wills are not designed to take care of the             7.  These can be used to take care     

testator                                                                         of the person creating it & others

 

  1. Only possible to transfer property shortly     8. Make it possible for you to create

after your death                                                  long-term guidelines for managing

                                                                                       funds going to others for many years

  1. Usually less costly than complex                 9.  It can be very expensive to create

            trusts                                                                  and maintain many trusts

  1.  Your survivors may need to cope with       10.  This can greatly simplify the

  more than one probate proceeding if                 transfer and management of

  you own land in more than one state                 property owned in multiple states

  1. Once your will has been drawn up –           11.  Funding a trust can require numerous,

and perhaps updated once (or twice),                 ongoing discussions and interactions

you’re usually through with it                             with banks, insurance companies,

                                                                                         investment groups and others

  1. Nearly everyone needs a will since it’s       12.   If you can afford one and have even

hard to transfer absolutely everything                 a modest-sized estate, they’re often

into a trust                                                            very useful, especially for tax saving

                                                                              purposes

                                                                    

                                                  

To obtain help with satisfying all of your Georgia estate planning needs, please contact the Law Offices of Shane Smith today.  You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.


Shane Smith
Advocate for the Seriously Injured in Georgia