Our Basic Estate Planning Package
Putting together an estate plan allows you to control your property while you are alive and well. It also allows you to provide for yourself and your loved ones if you become disabled. You can give what you have to whom you want, the way you want when you want. Additionally, a well-formed estate plan also allows you to minimize the impact of professional fees, court costs, and taxes. The documents outlined below are the three initial documents we recommend when forming an estate plan.
1) Last Will and Testament
A Will is the essential estate planning document that gives you the power to provide for the distribution and disposition of property and personal assets after death. A Will may contain general or specific provisions regarding the care and distribution of property, recommended guardians for minor children, appointment of executors to administer the Will and trustees to manage any trusts created by the Will, the establishment of trusts for the benefit of others, and express desires and guidance regarding the administration of your estate. Depending on your specific Estate, the Will may be part of a larger estate plan and work with other estate planning tools to achieve goals ranging from simply providing for your loved ones to avoiding death taxes.
Without a Will, your estate will be subject to the often long and complicated process of Probate to transfer your remaining assets to your rightful heirs. Under Georgia law, heir order of priority is predetermined, but executing a Will affords you control over order of priority. Depending on what is left in your estate at your passing, your Will may need to be filed with the Probate Court, however, in many instances and with proper planning, the Will may not need to be filed.
2) Statutory Form Power of Attorney
The primary purpose of putting a Power of Attorney in place is to give a designated agent the power to manage your financial affairs in the event of your incapacity. This form grants a broad range of specific powers over your financial affairs to someone you trust. Specific provisions can establish when and how the power of attorney takes effect, the duration, and the manner in which it can be terminated and can describe or limit the powers granted to the agent.
3) Georgia Advanced Directive for Healthcare
An Advanced Healthcare Directive is a written document authorizing someone you name to make health care decisions for you in the event you are unable to make those decisions for yourself. It directs your agent on your preferences for body and organ donation, whether you want an autopsy, and how you want your remains disposed of and allows you to indicate specific treatments you’d like in the event you are terminally ill or permanently unconscious. Your designated agent should be someone who knows you well and who you trust. This form gives your designated agent all the powers they will need to make sure you receive the care you want and need in the event you are unable to communicate for yourself.
The need for both of these forms often arises with aging family members but having these documents in place can also be beneficial in the event of an unexpected incident, and/or provide peace of mind for parents of college-aged children.
The Attorneys at Georgia Estate Planning and Probate are available to walk you through these documents and discuss an estate plan tailored for you. We are here to help, please give us a call at 678-325-0345.