This is a question we are asked a lot. The answer as with many frequently asked questions is “it depends”. It depends on what your goal is. If you are trying to avoid probate and you own a home, then a trust will be the best strategy for doing that (yes, even better than a Transfer-On-Death Deed or TOD Deed.
If you are seeking privacy and wish to avoid the snooping questions and curiosities of relatives, a trust is more private than a will which is filed publicly after you die in probate court.
If you want to make things as easy as possible with the fewest fees and delays, a trust is the way to avoid the delays and fees that come with filing a petition with a probate court and waiting on the court to review it and make a decision. In some counties like Fulton and Cobb, you may wait a year to a year and a half or longer for an uncontested probate petition to be reviewed. Yikes! Remember the housing market in the summer of 2021? People waiting on judges to approve their petition to act as the estate’s representative had to sit on the sidelines and watch until their petition was approved. Many beneficiaries were angry watching their chance to capitalize on selling a home in an estate during that time simply pass them by.
If you do not own real estate, a trust may still be the better choice. When a named beneficiary on an account dies, it is often the bank’s rules that apply. A trust allows you to retain control.
If you need help with your trust, let us know. Wilson Legal – 770-845-0658 We are happy to help.
