Are you starting to plan your estate in Georgia? Let us be your trusted guides as we explain how to create a personalized and thorough estate plan. We at Peach State Wills & Trusts are a group of skilled Estate Planning and Probate Attorneys committed to protecting your assets and loved ones for the future. We will assist you every step of the way, ensuring that you have peace of mind and security with a well-crafted estate plan.
The Basics of Estate Planning in Georgia
In Georgia, a properly structured estate plan should accomplish three main things. First, it should plan for the disposition of your assets upon your passing. Secondly, it should ensure someone has the authority to manage your finances and personal business affairs if you become incapacitated. Lastly, it should provide someone with the authority to make healthcare decisions in accordance with your known preferences if you are no longer able to manage your own healthcare.
Your Estate Planning Tools in Georgia
In Georgia, we typically use three to four main documents to accomplish these goals. The first is to distribute your assets in accordance with your wishes upon your passing. This can be done in one of two main ways: a will-based plan or a revocable living trust plan.
- Will-Based Plan- A will is a document that you execute that only has power upon your death. It outlines the distribution of your assets to your chosen beneficiaries and can also name guardians for minor children. However, wills need to go through probate, a process that can be time-consuming.
- Revocable Living Trust Plan- In contrast, a revocable living trust plan has power both while you are alive and after you pass. When you execute a revocable living trust, you transfer ownership of your assets into the trust. This plan avoids probate, and upon your passing, your nominated successor trustees manage and distribute your assets according to your wishes.
Creating a Tailored Estate Plan in Georgia
In the event of your incapacitation, your estate plan should include a durable power of attorney. This document lets you select an agent who can manage your financial life and ensure it doesn't fall apart.
Lastly, a properly structured estate plan includes an advance directive for healthcare. This document allows you to nominate agents to manage your healthcare for you should you no longer be able to do so, providing guidance for common end-of-life scenarios.
When these documents come together, you create a tailored, properly structured estate plan in Georgia. Such a plan ensures that your heirs and beneficiaries are clear about your wishes and know how to have them fulfilled.
Trust Peach State Wills & Trusts With Your Estate Plan
As experienced estate planning attorneys, we are dedicated to ensuring that your wishes are respected and carried out. We understand the intricacies of estate planning in Georgia and are ready to help you navigate this process. Don't wait for the unexpected; protect your loved ones and assets by planning ahead.
To start the journey of structuring your estate plan in Georgia, contact Peach State Wills & Trusts at (678) 679-4115
If you have any questions about estate planning in Georgia, you can download our free guide here, no strings attached.