planning for the future…
An estate plan is a set of legal instructions for what will happen to your assets once you’re gone. Without an estate plan, the State of Georgia will decide how to distribute your assets through the court system and the laws of intestacy. By having an estate plan, you can outline what you wish to protect for your loved ones in the future and identify those whom you trust most to carry out those wishes when the time comes.
Estate planning is the process through which your estate plan is created and should involve a practical evaluation of your goals while also keeping in mind the depth of emotions that can come with coping with the loss of a loved one. Working with an experienced Georgia estate planning attorney can help you and your loved ones draft a tailored plan that meets your family’s unique needs and asset protection goals.
common estate planning strategies
Special Needs Trusts (sometimes called Supplemental Needs Trusts) for individuals with disabilities
The documents included in your Georgia estate plan will depend on your estate’s size and structure and the individual needs and wishes you would like executed on your behalf. Like the attorney at Middle Georgia Estate Planning, an experienced Georgia estate planning attorney will assist you with crafting the perfect estate plan for your legal needs.
which do I need in Georgia—a will or a trust?
This question is a common one and depending on your specific estate, you may need a will, a trust, or even both legal documents. The answer is not simple because it is linked to your personal planning goals.
last will and testament in Georgia
A will is a written document that outlines your intentions after you pass away: who will settle your debts and distribute your property and who will inherit your property? In order to administer your wishes, a will must go through a public process in Georgia called probate.
is a will important?
A properly prepared and properly executed will assures that your estate will be distributed to your designated beneficiaries when you die. A will minimizes the costs and complexity of asset distribution for your estate. Your will contains explicit instructions about the distribution of your property following the payment of all debts. It can provide for the appointment of a guardian of the person of your minor children and can provide for a trustee of the property, which passes to your minor children in the event both parents die. With no will, you entrust the distribution of your estate to Georgia law. If you do not have a will, your estate passes under Georgia's laws of intestate distribution. If both parents die without a will leaving minor children, the court determines who will be the guardian of your children. It is important to have an experienced attorney, like the attorney at Middle Georgia Estate Planning, to assist you in preparing a will and other estate planning and probate matters to ensure your wishes are carried out after you pass away.
what is probate in Georgia?
When a loved one passes away, their estate often goes through a court-managed process called probate, or estate administration, where the deceased person’s assets are managed and distributed. This can sometimes be a costly and time-intensive public process involving the service of legal notice to the deceased person’s heirs and court oversight of actions taken by the representative of their estate. Many individuals are concerned about the strain this will put on their families if the process does not go smoothly. However, no court-managed administration is likely necessary if your loved one owned his or her assets through a well-drafted and properly funded living trust.
Georgia living trusts
The benefit of a properly funded revocable (or living) trust is that it helps your estate avoid probate in Laurens and other counties in Middle Georgia. The ownership or title of your property is transferred into the trust during your lifetime. After your death, a named trustee distributes property to the beneficiaries you have named in your trust, often without the necessity of probate.
Even if you have established a revocable trust, a will is still needed as it provides an additional layer of protection for property or assets left out of the trust. You may need both documents. Each estate plan is different, so working with an experienced Georgia estate planning attorney can help you determine which legal documents would be best to include in your estate plan.
What will be your legacy?
At Middle Georgia Estate Planning, we are here to help you find the best planning solution that will accomplish your wishes and give you peace of mind.
Georgia irrevocable trusts
An irrevocable trust is designed to be difficult to change. Irrevocable trusts are funded by your assets, which are then controlled by your appointed trustee. There are various strategies for creating an irrevocable trust that can include certain tax benefits. These trusts can also be drafted for care planning for individuals with special needs or for persons who may need long-term nursing home-level care and require Georgia ABD Nursing Home Medicaid.
durable financial power of attorney in Georgia
A durable financial power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Depending upon how your document is drafted, your agent will be able to make decisions and act with respect to your property (including your money) whether or not you can act for yourself. The document is “durable” because it stays in effect even if you become incapacitated. A financial power of attorney can be a crucial document in your estate plan, particularly if you become incapacitated and there is no one who has the legal authority to manage your affairs.
Georgia advance directive for healthcare
This is a crucial planning document that names an agent to make healthcare decisions for you if you cannot communicate with doctors or other medical professionals about your healthcare. The document includes decisions regarding:
HIPPA authorization
Organ Donor Election
Autopsy
Decisions about your Burial or Cremation and final arrangements
Treatment Preferences for End-of-Life Decisions (formerly called a Living Will in Georgia)
Guardianship if you become incapacitated
why you should work with an experienced estate planning attorney
Every family is different. We each have our unique family dynamics, differing priorities for how we manage our assets, and individualized goals for the future use of those assets.
Estate planning can be complicated. Do-it-yourself online forms can seem like an easy fix, but they often create more problems and significant expenses for your family down the road. At Middle Georgia Estate Planning, we are here to help ensure your planning goals are met and make it easier for your family to carry out your wishes when the time comes.
Depending upon your unique estate planning needs, our experienced Middle Georgia Estate Planning: Warren Greer Law, LLC attorney in Laurens County will work with you and your loved ones to help you decide what estate plan is best for you in Dublin and Laurens County, and all surrounding counties in Middle Georgia.