Regardless of how young you are, unexpected illnesses and accidents can happen, leaving your loved ones trying to manage your affairs or settling your estate. Establishing an estate plan can provide the tools your loved ones need to more easily manage your affairs and settle your estate by providing authority for someone to manage your affairs if you become incapacitated and need someone to handle your affairs temporarily and by establishing a plan to distribute your assets on death. Creating an estate plan, even if you have only a small bank account, vehicle, and personal belongings, can protect your family from heartache and hassle.
Grissom Law can help you set up the documents required to ensure your affairs are in order should you become incapacitated as well as upon your death.
1. Create a Last Will and Testament. In your Will, you will name an executor to settle your estate, name a guardian for minor children, and name beneficiaries. If you die without a Will, Georgia Statutes will determine who receives your assets.
2. Create a Trust. Georgia allows for several types of revocable and irrevocable trusts. Your attorney will work with you to choose the one that best fits your wants and needs. Trusts accomplish many things, depending on how you set them up, including protection from creditors, controlling the distribution of assets, avoiding probate, and potentially reducing the tax burden on the estate. If your goal is avoidance of probate upon death and/or ease for your family to manage real property upon incapacity, consider establishing a trust.
3. Create an Letter of Instruction for your Executor. The executor will need access to certain information to make his or her job easier. Create a package with information including a copy of your birth certificate, social security card, military discharge documents, marriage and divorce certificates, and prenuptial agreements or where to find them. Also pull together information regarding your financial accounts and insurance policies so that your executor is able to quickly locate your assets.
5. Power of Attorney. Create a power of attorney naming an agent to make financial decisions on your behalf should you become incapacitated.
6. Advance Healthcare Directive. Create an advance directive to tell your loved ones your wishes at the end of life, name an agent to make medical decisions on your behalf should you become incapacitated, and give them permission to access your medical information.
You can also include funeral wishes in your will. Contact our Georgia estate planning attorneys at Grissom Law, LLC to create or update your estate plan. Call us today at (678)781-9230 to schedule an appointment.
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.