What’s the Difference Between a Living Trust and a Living Will?
This is something I hear all the time. People confuse the terms living trust and living will. The only similarities between a living trust and a living will are that they both contain the word “living”, and both can be done as part of estate planning.
A living trust is a tool that is primarily used to avoid probate. In a living trust arrangement, an individual will draft a trust agreement and title all his or her assets to the trust. When that person passes away, the property owned by the trust will not have to go through the probate process. Living trusts are not as valuable in Georgia as in some other states with more complex probate laws.
A living will is a document that tells about a person’s wishes for life support. In Georgia, a document called an Advance Directive for Healthcare is commonly used to express life support wishes.
Do you have any questions about living wills, living trusts, or estate planning in general? If so, contact me at 678-453-6490 to learn more.