A will is your statement of your desires for handling and distributing of your money and property after your death. The need for a will is not a matter of age or monetary status. You need a will unless you want the handling and distribution of your money and property to be distributed as provided by Georgia law.
A will is an essential planning tool for all stages of your life. You can change your will at any time, and you should change it to match changes in your personal or financial affairs. In fact, you should review your will or have someone review your will periodically to ensure that there have been no substanitla changes to your circumstances that would affect this document.
A trust may be set up if a person wants help with handling and distribution of his or her money and property, and can be set up during his or her lifetime, or as part of an estate plan. Competent financial and legal advice is needed when considering setting up a trust, as there are many factors to be considered prior to choosing a trust as a vehicle for managing your property during lifetime or after your death.
People often ask about “living trusts” or “revocable living trusts.” While these can be very helpful in certain situations, the expense and management of these trusts should be considered, and the pros and cons weighed carefully, before any decision is made to establish a revocable living trust. The goal of a revocable living trust is to avoid probate, but there is wide variation in states as to the expense and difficulty of the probate process, and we are fortunate in Georgia that our probate process is relatively straightforward and inexpensive.