The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Clears Up Confusion About The Difference Between Wills And Trusts.
The Estate & Asset Protection Law firm owner, Shannon Pawley, explains the basic differences between wills and trusts and how to determine which is most appropriate based on personal goals and circumstances.
DECATUR, GA, August ••, 2023: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “Wills And Trusts: The Differences And Why You Would Want One Over The Other,” in which Ms. Pawley makes it easier for people to move forward armed with clear information.
“As more people continue to discover the importance of making their post-death wishes known, especially in the wake of COVID-19,” Pawley writes, “I am asked, often daily, to define the differences between a will and a trust and how each of these legal instruments best serves.” She adds, “In the most basic terms, a will is a simple legal document that provides instructions on how to distribute personal property to beneficiaries after death. A trust,” she explains, “is a complex legal arrangement that allows its creator to transfer ownership of property. However, a trust is managed by a third party, and property can be distributed to beneficiaries at any time determined by the creator of the trust.”
According to Pawley, “The three important differences you’ll want to remember as you explore the benefits of a will or a trust include, 1) a will won’t go into effect until after the testator dies, while a living trust goes into effect immediately after it’s signed. 2) Typically, a will goes into probate after the testator dies, while a living trust does not. And 3) A will is a set of instructions for after death, and a living trust is a legally recognized entity that is funded by a person’s assets while they’re alive and can often continue to be funded after their death.”
She continues, “Deciding which legal instrument is most appropriate for your individual circumstances depends first on your estate planning goals along with several other factors.” She elaborates on items to be taken into consideration. “First,” she states, “you’ll want to consider the size of your estate. Then you must decide whether you’ll need to access the assets in your estate before you die. And finally, think about the complexity of your distribution wishes, for instance how many beneficiaries you have and the types of items you’re divvying up.”
The entire article can be read at LINK HERE
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Shannon M. Pawley, J.D., LL.M
As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.