Essential Estate Planning Documents
When considering your estate plan, there are several tools you can use to protect your assets and family.
Wills & Advance Healthcare Directives
Probably the most well-known estate planning tool is a last will and testament, a will is a document that outlines your wishes for your assets after your death. A will takes effect upon your death. A will appoints an executor of your estate to settle your debts and distribute your property.
A will tells the executor how to distribute your estate with explicit instructions. If you have minor children, a will also name a preferred guardian for your minor children should you and your spouse pass away.
Another great estate planning tool is an advanced healthcare directive. An advanced healthcare directive combines both what used to be known as a living will and a durable healthcare power of attorney.
This document appoints those people you wish to act as your agent upon your incapacity. An advance healthcare directive takes effect upon your incapacity or disability and ceases to be valid upon your death.
Durable Power of Attorney
A Durable Power of Attorney appoints a person of your choosing to act as your agent for all matters regarding your finances. In the event of your incapacity, your chosen agent will be able to pay your bills, contact social security, sell your property if necessary to pay for your long-term care, and act in any other financial matter on your behalf.
Creating Your Estate Plan
You don’t need to go through a major life event such as having children, retiring, or inheriting from your parents to decide you need a will. Unexpected events can upset even the best-laid plans. An estate plan can allow you to prepare for anything at any time, no matter your age or circumstances.
Once you’ve decided you need a will and powers of attorney, give us a call. Our estate plan lawyers can explain the process for making a will in Georgia and help you get started.
Evaluate Your Estate
As you start planning to make your will, you should know what property you have available that can be transferred. Some property will automatically transfer upon your death if it is titled correctly. For instance, if you share property with someone else such as your spouse, it will go to them if it is titled as joint tenants with right of survivorship, if it is not titled that way then the property will have to go through the probate process.
It is imperative that your assets be titled correctly. These are just some of the issues that our Georgia attorneys will discuss with you during an estate planning evaluation meeting.
Decide Who Will Inherit Your Property
Once you have an idea of what assets you have available to distribute, you then need to decide who will receive those assets. Once the will is probated, the executor will distribute assets to the assigned beneficiaries.
Decide Who Will Represent You After Your Death
Deciding who will be your executor is no small task. You must determine who you think will be a responsible, thoughtful and who will carry out your wishes down to the last letter.
Generally we have a primary executor and then at least two (2) successor executors in the event that your first named executor predeceases you or is unable or unwilling to serve as your executor.
Name a Guardian of Your Minor Children
If you have minor children, it’s advised that you name a guardian for them. If you don’t name anyone, the court will appoint a guardian. It’s safer to plan who will care for your children if the worst happens instead of leaving it to the courts.
You can also name a conservator, someone who will care for the children’s property until they become 18.
Create and Validate Your Will
There are requirements you must meet in order to have a valid will. You must be at least 14 years of age, of sound mind and body, not be incapacitated, and voluntarily choose to prepare and sign it. You’ll sign the will in front of two unrelated, disinterested witnesses who will watch you sign your will.
These witnesses cannot be beneficiaries. Once your will has been signed and finalized, you should store it somewhere safe and easily accessible to your personal representative so it can be found and filed with the probate court after your death.
