Wills and Trusts: Why You Need A Will Even If You Have A Trust

One of the most frequently asked questions I get from prospective clients is: Are wills and trusts both necessary? Why would I need a will if I have a trust?

The reverse is also asked about wills and trusts: Why would I need a Trust if I have a will. And each is a perfectly reasonable question. We live in a culture that has cultivated the notion that a Last Will & Testament is something for the “common” person. On the other hand, a trust or an estate plan is for the wealthy. This could not be further from the truth.

Both Wills And Trusts Are Necessary in Your Estate Planning Efforts

Over the years it’s been more widely accepted and important for anyone with assets to have an estate plan. Such a plan usually includes both a will and a living trust (a trust created during your lifetime). These are two distinctly different legal documents. Each provides instructions for what happens to one’s assets after death. However, only a trust contains instructions for health care. These instructions cover incapacity and end of life care. Thus, you benefit from having both wills and trusts in an estate plan.

As both documents address your estate, it important to emphasize that your estate is everything that you own which would include your home, your cars, boats, RVs, investments, checking and savings accounts, life insurance, and personal possessions.

Property, Guardianship of Minors, Your Healthcare

The intended purpose for the creation of a Living Trust can range from Probate avoidance to charitable giving to tax strategy. A common theme for all Living Trusts is that they focuses on the access, control and distribution of property, like real estate, personal possessions, and money. In addition, Living Trusts also express your wishes for healthcare and end-of-life care should you become incapacitated and unable to make important decisions. Even with all of these amazing opportunities through a Living Trust, please realize that it does not cover things like guardianship of minor children. You would need to include that information in your Will.

In your Will, you designate who will care for minor children should something happen to you before they come of age. You can also establish Testamentary Trusts within a Will or Trust (Trusts created after the passing of an individual). The differences and benefits in what go into a Trust and what goes into a Will are many. And as you may now realize, both Wills and Trusts are important for virtually anyone. And with digital assets becoming more prevalent and valuable (especially with the younger generations), anyone over 18 years of age needs to have an estate plan.

Everyone Over 18 Needs A Will And At Least A Living Trust

I hope this fairly simple description clears up any confusion you may have had. Additionally, I hope you’ll take action to create an estate plan sooner rather than later. There is no reason to be caught off-guard. Nearly anyone can carve out some time to create these important documents for your loved one. Give my office a call today at 404-370-0696 and let’s give you a sense of relief. Rest easier knowing your loved ones will be relieved of the burden of having to make decisions for you should you become incapacitated or die suddenly.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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21:58 07 Feb 24

Shannon and her team were great. Went in for a consultation and got my money worth. She explained and made sure we understood. I will be using them in the future.

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18:55 17 Dec 23

We had excellent service from Shannon and her team, they are true professionals and helped us and explained every step in the process. We highly recommend The Estate and Asset Protection Law Firm.

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Stephanie Deal

15:22 07 Jul 23

My father and I recently used the estate, an asset protection, law, firm for new wheels, new, power of attorney’s, and a creation of a trust. Brooke and her entire team could not have been more helpful and more professional! We loved working with them, and they took everything seriously therefore I didn’t have to worry about a thing. I highly recommend everyone at the law firm.

Barry Amos

01:22 01 Jul 23

Great firm. Had answers to all our questions and explained everything clearly. Never felt rushed to make a decision Could not ask for a better experience. Every one we dealt with was professional and knowledgeable. We highly recommend this firm for estate planning.

Lee Jay

21:30 28 Jun 23

Shannon provided invaluable information regarding a family estate matter. Although her firm did not quite fit our immediate needs, the consultation was informative and extremely HELPFUL! Shannon clearly explained what our next steps should be and offered to assist if we had any questions along the way. Her expertise and willingness to help puts her in a league of her own!

Alice Guppy

02:01 23 Jan 23

Shannon and everyone at The Estate and Asset Protection Law Firm are professional, very knowledgeable, and a pleasure to work with. They answered all our questions in great detail and the plan they developed for us is exactly what we need to protect our assets and estate as we age especially with my husband's health issues.

Lynn McKibbin-Moore

23:09 24 Feb 22

My husband has dementia. This firm has been patient, kind and professional while we went through a move from a house of 37 years in to a condo to be closer to my daughter and her husband. (Miami to Atlanta). There was also a wedding. All in 6 months.We now have a trust, power of attorney. Wills for my daughter and her husband and more. All at a fair price. I could not recommend higher.

Tammy Lee

22:03 29 Jan 22

Shannon Pawley and her team are exceptional at helping families navigate tough situations. We began working with her upon finding out my father had Stage 4 kidney cancer. His decline was more rapid than expected.Attorney Pawley and her entire team expedited paperwork that allowed me to focus on my father’s care, make decisions that suddenly needed to be made for him medically and financially, and has allowed me the ability to focus more on grieving and less on legal matters upon his passing.It is obvious she is knowledgeable about the best ways to navigate estates to protect the assets for the owners and their loved ones. It is just as obvious that she is passionate and has true heart for what her clients go through.We will be using her for own estate needs, and I recommend her expertise to everybody I can.This service is worth every penny we paid as it has saved us more money and time than I could imagine.

H Jessie Brewer

18:26 18 Nov 21

Attorney Shannon Pawley and paralegal Alexis McCoy are legal professionals that my wife and I highly recommend. Their grasp of the Georgia law pertaining to Medicaid assistance and the interworking's of the State department is exceptional. Additionally, their client-attorney relationship skills are excellent. We wouldn't hesitate to use this law firm again should the need arise.

Dawn Hardy

15:06 13 Nov 21

Shannon and her team are the best! They listened to my needs and provided the best advice. They are patient and professional as well as personable, they didn't make me feel like I was just another client. Highly recommend!