Understanding the Intricacies of Proper Georgia Estate Planning
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Know the Estate Planning Basics in GA
Creating an estate plan in Georgia is critical, no matter what stage of life you and your family are in. Learn the basics with Perigon Legal Services.
Creating an estate plan in Georgia is critical, no matter what stage of life you and your family are in. Learn the basics with Perigon Legal Services.
Georgia estate planning laws should be of interest to everybody since it includes preparing for the eventuality of one’s ultimate death. Estate-preparing laws govern the process by which people document how they would like their assets divided upon their death, as well as their end-of-life preferences.
Many people avoid the estate planning process due to the uncomfortable nature of contemplating their death. Plus, they may feel their property is not substantial enough to warrant the attention and assistance of an attorney. They feel that it is something relegated to the needs of the wealthy or those in their golden years. Additionally, many couples presume that if they have kids, their children and loved ones will amicably divide their property among themselves.
If you do not make suitable legal preparations for the estate administration of your properties and affairs upon death or incapacity, Georgia’s intestacy laws will assume control. This can result in the disregard of your beneficiaries and cause outcomes you never intended. Moreover, federal estate taxes are outrageous, and your kin would suffer from tax issues. By speaking with an estate planning attorney, such as those Perigon Legal Services, you can receive useful legal advice and prepare your legal documents to provide your loved ones and children with peace of mind.
Georgia Law of Estate Planning
You can easily describe your priorities and wishes related to your health and describe things to your health care agent. So, when you cannot make decisions, your health care agent will let your physicians, family, and friends know your wishes about your health.
By this, you will be able to make favorable choices even if you are not in a favorable situation in an unfavorable condition.
2- Georgia Power of Attorney
Another great way of estate planning is determining a power of attorney. With this option, you can nominate a person as your representative to make decisions on your behalf. Depending on the privilege you provide or set for your power of attorney, they will decide for you.
There are two types of power of attorney, financial or medical. Based on the form you signed, your POA will have the authority. Your power of attorney can be anyone, including your friend, family, children, or spouse. But it is better to give control to a trusted person.
3- Revocable Living Trust
While you are alive, you can plan the assets divisions among your family and friends without going through the probate process via the Revocable Living Trust option. This option gives you a chance to determine who and how many assets a person will have after you die. By placing your assets in the living trust, you will ultimately avoid getting through the expensive and lengthy probate process.
You will have to create a trust, designate a trustee who will manage your assets when you are alive, and determine the beneficiaries. Once the trustee dies, the assets will be transferred to the beneficiaries without a probate process. This way, you can easily plan everything while holding the trust ownership to yourself.
Working with a skilled attorney with experience in creating a revocable trust can help you navigate through its terms and benefits along with the process. Your attorney will help you determine the terms and sign documents in a correct manner.
4- Last Will
If you want to specify that a certain amount of your assets will be transferred to a certain person in your family, you can plan it with the last will and testament option. You can divide your assets and state your wishes to distribute to your family and friends. However, it would be best to have an executor on board who can act on your desires once you die.
Moreover, there are certain requirements to file for the last will in Georgia. You must meet the following criteria.
- You must be 14 years or older.
- You must be mentally stable enough to make decisions.
- You must not finalize a will under pressure.
As an experienced adoption attorney and probate lawyer, we help our clients understand their legal issues and related legal topics to help find the best suitable solution for their concerns.
Contact a Reputable Lawyer for Estate Planning in Georgia
Choosing Between Estate Planning and Living Trusts
When deciding whether to take on the process of estate planning or setting up Living Trusts, it is wise to consult an advocate from reputable law practice in Atlanta to help with the administration of your property and answer any questions you may have. Unlike a will, a trust instantly takes effect at the time in which it is written.
A Living Trust allows you and your partner to maintain the legal title to and control of your assets throughout your lives. The Trustees you name are tasked with the responsibility of carrying out your specified wishes upon your incapacity or death. It is revocable, permitting you to modify or end it, and likewise allows you to prevent or limit problems and costs associated with estate planning probate. A trusted law office and an experienced lawyer will identify the best choices. When looking for a trust and estate planning attorney, select one that will guide you with designating a guardian or conservator for your property so your family does not have to suffer through the costly and time-consuming process of probate court.
Checklist for Estate Planning Website and Search Terms
Estate Planning Guidelines for Executive Administration
Choosing a Power of Attorney
A durable power of attorney provides authority to make essential end-of-life choices, such as whether to stop artificial life support. The person given this authority needs to comply with the wishes specified in the living will. According to elder law, a Georgia durable power of attorney needs to be provided in writing, signed by the executor and witnessed by two qualified adults or competent witnesses who know the processes of estate and will plan.
Creating a Living Will or Health care Directive
Health care directives, also known as “living wills,” are legally binding files that state a person’s choices for medical treatment if they later become incapable of specifying these choices. If you do not desire to be kept alive through artificial respiration, you can specify this in your living will. Your health care professionals and those with power of attorney have to follow your wishes.
Estate Planning Council for Clients in GA
A GA estate planning council must have the ability to offer personalized options for your estate plan that include assessments and guidelines regarding your health care and monetary matters. Without a proper estate plan, your legal property may end up in probate. What is probate? Estate planning probate is the procedure of administering the estate of a decedent, whether by a Will or with the laws of intestacy where there is no Will.
Skilled lawyers can encourage you throughout the procedure. Contact us at the law firm of Perigon Legal Services for a free consultation. We will review your forms to determine if there are any issues related to your estate plan that may require litigation. We will answer any questions you may have regarding the administration of your property and provide a premium state plan to protect your wishes regarding your personal assets, as well as the special needs of your children, loved ones, and other family members.
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