Trusts vs. Wills: Choosing the Best Estate Plan for Savannah Residents

When planning for the future, one of the most important decisions Savannah residents face is how to distribute their assets. Trusts and wills are two of the most common estate planning tools, but they serve different purposes and offer unique benefits. Understanding the differences between them can help you make the best choice for your family and financial goals.

What is a will?

A will is a legal document that outlines how your assets should be distributed upon your passing. It also allows you to name an executor to handle your estate and appoint guardians for minor children. Wills must go through probate, a court-supervised process that ensures your debts are paid and assets are distributed according to your wishes. While probate can be time-consuming and public, a will remains a simple and effective way to state your final wishes.

What is a trust?

A trust is a legal entity that holds assets on behalf of beneficiaries. Unlike a will, a trust can take effect during your lifetime and help manage your assets while you are still alive. The primary advantage of a trust is that it allows your estate to avoid probate, ensuring a faster and more private transfer of assets. There are different types of trusts, including revocable living trusts, irrevocable trusts, and special needs trusts, each serving different purposes.

Key Differences Between Trusts and Wills

Which option is best for you?

The choice between a will and a trust depends on your unique circumstances. If you have a straightforward estate and want a cost-effective solution, a will may be sufficient. However, if you wish to avoid probate, provide ongoing asset management, or protect your privacy, a trust might be the better choice. Many Savannah residents opt for a combination of both, using a trust to manage major assets and a will to cover any remaining property.

Consult Tetreault Law for Skilled Estate Planning Guidance

Estate planning is not one-size-fits-all. At Tetreault Law, we understand the unique needs of Savannah residents and can help you determine whether a trust, a will, or a combination of both is the best solution for your estate. Contact us today to schedule a consultation and ensure your legacy is protected according to your wishes.