Wills vs Trusts

Wills: Like Having a Picnic on a Blanket

1. Public
2. Probate process is required
3. Multi-state properties = multi-state probate courts
4. Guardians for minors
5. Lifetime protection trust for children
6. Special needs trust or supplemental needs trust (optional)
7. Georgia probate fees - not expensive
8. Hearing costs ($$ and time) are expensive
9. Cannot manage property / sign contracts until someone approved as executor or administrator
10. Stress is increased because of the job of understanding and following a legal process, legal documents and maybe a hearing or two.

Trusts: Like Having a Picnic with a Basket

1. Private
2. No probate court intervention
3. No multi-state probate court intervention
4. Guardian for minors
5. Lifetime projection trust for kids (optional)
6. Special needs trust or supplemental needs trust (optional)
7. Probate fees = $0
8. Hearing costs = $0
9. Can manage property / sign contracts immediately upon the resignation or death of a prior trustee
10. Stress is decreased because the trustee is continuing to follow the instructions on the trust