Although it may seem unpleasant, it’s always a good time to start preparing for what will happen to all your assets after you pass away. Most people are pretty familiar with the idea of a will, but what about an estate plan?
Estate planning is a much broader concept that includes a last will and testament as a component. In general, if you have a more complicated estate, life situation or distribution strategy, then you probably need to consider estate planning.
Read on to learn more about the differences between these two types of life planning from our team at Marietta Estate Planning.
What Is Considered a Will in Georgia?
A will is a written document that is signed and witnessed, expressing a person’s wishes for their assets, property, and heirs. This document can be created fairly quickly and becomes active after your death. It describes how your property is to be distributed and who should take guardianship of your minor children and pets.
In the state of Georgia, a will must meet the following criteria:
- It must be written — typed or handwritten
- It must be signed by the testator (the person whose will it is)
- The testator must be at least 14 years old and of sound mind
- It must be signed by at least two witnesses, who must also sign affidavits affirming the testator’s mental capacity
If your will fails any of these requirements, it may be invalidated during the Georgia probate process and distributed according to the court.
You’ll need to make sure your will is updated over time to reflect any changes, but these changes must be made with the assistance of an estate planning attorney.
What Is Considered Estate Planning in Georgia?
An estate plan includes a will, but it also could include other legal documents like a trust, Power of Attorney and Advanced Healthcare Directive.
- While many people think trusts are just for the uber-wealthy, this is not the case. A trust simply allows you to name someone (the Trustee) to manage your affairs. The Trustee will be responsible for distributing these properties while you’re living and after you pass away
- A power of attorney allows you to choose someone to represent you financially and legally in the event that you become unable to make decisions for yourself. In this case, this person makes decisions in your best interest.
- A Georgia Durable Healthcare Power of Attorney is another document that enables you to select a person who would make medical decisions for you if you’re incapacitated.)
Whoever you choose to exercise authority over your finances, estate or person should be someone that you trust, who knows your decision-making process and your important personal issues.
Contact Marietta Estate Planning today
If you are looking for a compassionate attorney with years of experience helping Georgia families create estate plans, look no further than Kim Frye of Marietta Estate Planning.
With 27 years of experience protecting people through the law, Kim know the best way to make sure you have the power to make the necessary decisions in a time of crisis is to have it properly documented in writing. Contact us today to schedule your consultation.
