Many believe that having a Will is enough, especially younger people with limited assets. However, an estate plan should include more than just a Will because anything could happen to you at any time during your life, whether it’s an unexpected illness or an accident that renders you incapacitated or takes your life. While a Will provides for who receives your assets upon your death, if you become incapacitated, your Will does not name an agent to manage your assets during your lifetime. If you have not executed documents naming agents of your choosing to manage your affairs, a court can appoint someone, but the Court may not appoint the persons you would have chosen.
Every estate plan should include a Will, Power of Attorney and Medical Directive and possibly a Trust. The following are short descriptions of what each of these documents provides:
- Will
The will denotes who receives your property after you die. If you die without a will, the probate court will disburse your assets according to Georgia’s inheritance laws. - Trust
There are a number of different type trusts. Different trusts can (i) allow someone to manage your assets should you become incapacitated (ii) avoid probate, (iii) provide asset protection, and (iv) remove assets from your taxable estate. Since several types of trusts exist, so it is better to discuss which one is best for your circumstances and goals with your estates and trusts attorney. - Power of Attorney
A Power of Attorney allows your agent to act on your behalf for your financial affairs. In Georgia, the Financial Power of Attorney can be very broad or limited based on the powers you authorize and can be effective either immediately or only upon your incapacity. - Medical Directives
Your medical directives include a durable power of attorney for health care, which gives your agent the power to make medical decisions for you when you are unable to make those decisions. In addition, in Georgia, the advance directive for health care includes treatment preferences that allow you to tell your agent what sort of treatment you wish to have at the end of your life.
Contact a Georgia Estate Planning Attorney
Regardless of your age, contact our Georgia estate planning attorneys at Grissom Law, LLC to create the documents you need to dictate what happens to you and your assets should you become incapacitated or die. The documents protect your assets while you are incapacitated by allowing someone to manage your finances. In the event of death, your assets will go to the people of your choosing.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.