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[VIDEO] What’s the Difference Between a Living Trust and a Testamentary Trust?

Posted by Steve Worrall | Aug 25, 2023

Curious about the differences between a living trust and a testamentary trust? In this informative video, we break down the key distinctions between these two types of trusts and help you understand which might be the best fit for your unique situation.

Living Trust: A living trust, also known as a revocable trust, is created during your lifetime to hold and manage your assets. Unlike a will, which goes through probate, a living trust allows your assets to be distributed to your beneficiaries without the need for court involvement. You retain control over the trust assets during your lifetime and can make changes as needed.

Testamentary Trust: On the other hand, a testamentary trust is established through your will and only takes effect after your passing. This type of trust can be used to provide for specific beneficiaries, such as minor children, in a structured manner outlined in your will. A testamentary trust can be useful for managing assets for beneficiaries who may not be ready to handle their inheritance directly.

Both living trusts and testamentary trusts have their advantages and considerations. Consult with an experienced estate planning attorney to determine which type of trust aligns with your goals and circumstances. At Georgia Estate Plan: Worrall Law LLC, our dedicated team of Cobb County estate planning professionals is here to guide you through the intricacies of trust planning. We understand that each individual's situation is unique, and we're committed to helping you make informed decisions that secure your legacy and protect your loved ones.

If you're ready to explore trust options tailored to your needs, contact us today at 770-425-6060. Don't leave your future to chance – let us help you navigate the world of trusts and estate planning with confidence. #LivingTrust #TestamentaryTrust #EstatePlanning #TrustDifferences #ProtectYourLegacy #shorts

About the Author

Steve Worrall

As a sandwich generation kid himself (caring for both children and aging parents), Marietta Georgia Estate Planning Elder Law & Probate Attorney Steve (Stephen M.) Worrall KNOWS the struggles you are facing as you raise children, balance the demands of your job, and take care of your aging parent...