Secure Your Assets With Georgia Estate Planning

 

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Expert Georgia Estate Planning Services for Your Peace of Mind

Secure your future with expert Georgia estate planning services. Our experienced team helps you protect your assets and loved ones. Contact us today!

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Author: Stan Faulkner, Founder, Perigon Legal Services, LLC

Mr. Faulkner is an experienced counselor and litigator with 15 years of experience, having held bar licenses in four states (Mo, Il, Ct and Ga). Stan Faulkner uses this experience and focuses his skills in the pursuit of assisting individuals in probate (trust and estate) matters, guardianships and conservatorships, estate planning, business disputes and contract disputes. Published on December 23, 2021.

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 they include preparing for the eventuality of one’s ultimate death. Estate-preparing laws govern how people document how they would like their assets divided upon their death and 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 think 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.

Speaking with an estate planning attorney, like Perigon Legal Services, can help you avoid these problems. Our team of experts will assist you through every step, from creating a will to setting up trusts or drafting other significant estate planning documents.

Keep reading to learn more about the different elements of Georgia estate planning and why it is crucial for you and your family’s future.

What is Estate Planning?

Estate planning is making arrangements in advance for what happens to your assets, properties, and interests upon death or incapacity. This includes creating legal documents outlining how you want things handled after you pass away.

Some common elements of an estate plan include:

  • Last Will and Testament: A legal document that outlines how you want your assets to be distributed after you pass away.
  • Trusts: Legal entities created to hold and manage your assets for specific purposes, such as providing for minor children or charitable donations.
  • Power of Attorney: A legal document that appoints someone to make financial and legal decisions on your behalf in case you become incapacitated.
  • Healthcare Directive: A document that specifies your end-of-life preferences, such as medical treatment and life support decisions.

Georgia Law of Estate Planning

Planning things to determine how and what will happen after your death is a wise decision. These plans will help you choose the life of your loved ones after your death. For example, how your assets and taxes will be paid, how your children will live (with or without your spouse), and the life of your family members and friends.

Estate Planning in Georgia

Expert Counsel for Estate Planning

This is not about creating a simple legal document and assuming your kids could abide by it and the government wouldn’t interfere. But if you want to secure a real property, you need to consult with an attorney.

Georgia provides several possible ways for its residents to determine everything beforehand. The details of each option are as follows.

1- Advance Directives of Health Care, GA

Sometimes, you get ill enough to can’t make decisions related to your health. However, with the advance directive option, you can define your health-related wishes, designate a healthcare agent (it couldn’t be your physician), and get treated according to your will, even if you can’t make a final call.

So, when you are not in your senses or in a state where you can’t make a decision, your healthcare agent would make the final call considering your predefined wishes and preferences.

You can easily describe your priorities and wishes related to your health and explain things to your healthcare agent. So, when you cannot make decisions, your healthcare 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. They will decide for you depending on the privilege you provide or set for your power of attorney.

There are two types of power of attorney: financial or h of attorney health care power. 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 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 allows you 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 must 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 its terms and benefits along with the process. Your attorney will help you determine the terms and accurately sign documents.

4- Last Will

If you want to specify that a certain amount of your assets will be transferred to a specific family member, 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, having an executor on board who can act on your desires once you die would be best.

Moreover, there are specific requirements to file for the last will in Georgia. You must meet the following criteria.

  1. You must be 14 years or older.
  2. You must be mentally stable enough to make decisions.
  3. You must not finalize a will under pressure.

As an experienced adoption attorney and probate lawyer, we help Georgia residents 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

When navigating estate planning in Georgia, many believe this consists solely of a last will and testament. A will is a document detailing how you want your assets divided upon your death and who will be the executor tasked with managing the administration of your estate and the guardian for any minor children. Provide your household the peace of mind of a well-written last will and testament that addresses the following:

  • Health care

  • Home and real estate

  • Life insurance

  • Personal and business real estate

  • Private and joint accounts

  • Retirement accounts

  • Trusts

Contrary to a Will, a Trust is a different legal entity in which a Trustee holds the home or properties for the benefit of the trust recipients. Trusts serve multiple purposes and can be lifetime, testamentary, revocable, or irrevocable. A knowledgeable law firm can advise whether a will or trust is the best option for your situation.

Choosing Between Estate Planning and Living Trusts

When deciding whether to take on the estate planning process or set up Living Trusts, it is wise to consult an advocate from a 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.

Living Trust allows you and your partner to maintain the legal title to and control your assets throughout your lives. The Trustees you name are responsible for fulfilling 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 probate court process.

Checklist for Estate Planning Website and Search Terms

Law practice focused on asset protection will have a comprehensive checklist for estate planning documents. It concentrates on preparing all elements of estate strategies, from wills, trusts, powers of attorney, and health care instructions, to guarantee your household is safeguarded and your final wishes are followed.

A reputable legal representative with an eye on estate and tax laws will provide recommendations regarding the following aspects:

  • Asset planning and protection
  • Conservatorship and guardianship
  • Eldercare planning
  • Families
  • Health care
  • Living will
  • Medicaid and Medicare planning
  • Planning of the estate
  • Power of attorney
  • Special needs planning
  • Trust and probate administration
  • Trust preparation
  • Will preparation and other related documents

If you cannot make these important decisions independently, a lawyer knowledgeable in powers of attorney and health care directives will enable you to control who handles your affairs for you. Any estate planning strategy is not complete without addressing these elements.

Estate Planning Guidelines

Lawyer for Estate Planning in Georgia

Estate Planning Guidelines for Executive Administration

If you have minor children under eighteen for whom you want to provide, your estate planning guidelines must include the name of someone to be their guardian(s). Although any surviving parent would be a natural choice, having a designated guardian would reduce the stress and cost of individuals legally disputing their wishes.

In addition to a last will and testament, proper estate plans include provisions for the upkeep of all beneficiaries, including:

  • County ordered child support

  • Family members with special needs

  • Minor children and step-children

  • Potential partners to whom they had been married

  • Spouse support

  • Support for step-children (if applicable)

  • Tax payments for the estate

A proper strategy involves decreasing possible estate taxes and settlement costs. It also details what accompanies your estate in case of incapacity or death. These are complicated matters, and an estate planning attorney can assist.

 

Choosing a Power of Attorney

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 fix this in your living will. Your healthcare professionals and those with power of attorney must follow your wishes.

 

Estate Planning Attorney for Clients in GA

GA estate planning council must be able to offer personalized options for your estate plan that include assessments and guidelines regarding your health care and monetary matters. Your legal property may end up in probate without a proper estate planWhat is probateEstate planning probate is the procedure of administering a decedent’s estate, 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 Perigon Legal Services law firm 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 assets and the special needs of your children, loved ones, and other family members.

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