All adults in Georgia should have an estate plan in place to make sure their family is taken care of in case the unthinkable happens — because life is full of surprises, and not all of them are good ones.
At Marietta Estate Planning, we know exactly what it feels like to have the weight of worry on your shoulders before getting a plan in place. And we know exactly the sense of relief and reassurance that comes with finally putting all of your wishes in writing.
Here’s what you need to get started to get your plan in place:
1. Speak with an attorney
Not everyone knows the ins and outs of wills, trusts, and estate planning — and that’s okay. Don’t stress about deciding which type of plan you need. Contact a Georgia estate planning attorney who can guide you through the process.
Working with an experienced estate planning attorney will not only save you time, money, and energy, but also ensure you have someone objective in your corner to set you on the right track.
2. Plan out your beneficiaries
Different parts of estate plans have different qualifications. Life insurance policies and retirement assets, such as 401ks and IRAs, for example, will need you to designate the beneficiary — the person who will be receiving the death benefit when you pass.
You’ll need to think through who you want to receive these benefits and ensure it’s all in writing in your estate plan.
3. Write your will
A will is the document that lays out who will be managing your assets and belongings after you die, as well as explaining how those assets will be distributed.
Your estate planning attorney will help you draft your will so that all i’s are dotted and all t’s are crossed.
4. Create a trust
Many people mistakenly think that trusts are only for the elderly and the wealthy. On the contrary, a trust can be a vital estate planning tool for Georgia individuals — especially those who wish to amend or revoke the details at any time. This type of changeable trust is called a revocable trust.
With a revocable trust, you maintain full control of the trust until you’ve passed away or become incapacitated. Irrevocable trusts are also an option, and both types of trusts can save families time and money by avoiding the need for a probate administration after you pass.
5. Create a Power of Attorney
You’ve probably heard this term before — but what is a Power of Attorney? A Power of Attorney is a legal document that allows you to name someone to make decisions on your behalf while you are still alive but incapable of making these decisions.
These decisions could include your legal, financial, and personal (and even business) affairs. The Power of Attorney becomes void after your death, however.
6. Include Advance Directives for Healthcare
Like a Power of Attorney, an Advance Directive (sometimes known as a Healthcare Power of Attorney) allows you to choose someone to make medical decisions if you become incapacitated.
This is an important estate planning tool to have, particularly if you foresee any health issues in your future.
Contact Marietta Estate Planning today
Our Georgia team of estate planning professionals is ready to help you create the perfect plan to ensure your family is protected and covered after you pass. If you have any questions about the initial steps discussed in this blog, we’re happy to discuss them with you.
You can also schedule your first initial consultation to get started on your plan by contacting Marietta Estate Planning today.
