A Will and a Trust are both legal documents that help people manage their property and assets after they pass away, but they work in different ways.
An analogy that can help explain the difference between a Will and a Trust is to think of a Will as a letter that you write to your family and friends, while a Trust is like a treasure chest that you fill with your belongings.
A Will is a document that explains how you want your property and assets to be distributed after you pass away. It's like a letter because you can use it to communicate your wishes and instructions to your loved ones. Just like how you can change the contents of a letter as many times as you want, you can change your Will as your circumstances or wishes change. However, a Will has to go through a legal process called probate, which can take time and can be costly.
On the other hand, a Trust is a legal arrangement where you transfer your property and assets to a trustee, who holds and manages them for the benefit of your beneficiaries. It's like a treasure chest because you can put your belongings inside it and lock it up, and your trustee will manage the contents according to your instructions. A Trust can help you avoid probate, which means that your beneficiaries can receive their inheritance more quickly and with less expense. Additionally, a Trust can provide more privacy and flexibility than a Will.
In summary, while a Will is like a letter that communicates your wishes and instructions to your loved ones, a Trust is like a treasure chest that can help you manage your assets and property more efficiently and privately.
If you would like to discuss whether a letter or a treasure chest is best for you and your family, call us at 770-425-6060 or through our contact form on this website. Tell us you read the "Letter/Treasure Chest" article and we will give you a Georgia Family Treasures Discovery Session ($600 value) at NO CHARGE.