Spalding County Estate & Elder Law Attorney

What Is an Estate Plan, and Do I Need One?

Estate planning is the process of making arrangements for your property in the event of your death. In addition to dividing your assets among your heirs and beneficiaries, an estate plan can include instructions for many other important considerations. These may include how to care for your young children or pets, manage your taxes, and make decisions about your health care.

While making an estate plan can feel daunting, it is very important to ensure that your final wishes are protected. By making an estate plan prior to your passing, you can save your family time, stress, and even money. A Spalding County estate planning lawyer from Goldberg & Associates can walk you through the components and help you make a comprehensive plan for the future.

What Are the Main Elements of an Estate Plan?

Estate planning is beneficial for everyone, regardless of the amount of assets that you may have. There are several documents that may be included in your estate plan, including the last will and testament, power of attorney, and trusts.

Last Will and Testament

The last will and testament is a legal document that states where you want your property to go after your death. Your property may include land, money, personal possessions, and any other assets that are part of your estate.

In Georgia, a will must meet several requirements to be valid. The document must be in writing and signed by the person making the will, also known as the testator. Two witnesses must sign the will as well. Without a valid will, your property will be distributed according to Georgia intestacy laws, not by your final wishes.

Trusts

Trusts are fiduciary relationships where a trustor designates a trustee to hold assets for the benefit of certain beneficiaries. These instruments can be used to reduce the value of your estate so that your family can reduce the amount of estate taxes that they have to pay following your death. Additionally, your family can access the benefits of a trust without having to go through probate.

There are many different types of trusts, each with their own benefits. These may include:

• Living revocable trusts
• Irrevocable trusts
• Testamentary trusts
• Charitable trusts

Durable Power of Attorney

A durable power of attorney designates an agent who can make financial and legal decisions on your behalf when you are unable to do so. Having a power of attorney in place is very important, especially if you become sick, disabled, or otherwise unable to make critical decisions.

In a durable power of attorney, you will determine what powers and responsibilities the agent will have. You can revoke the document at any time of your choosing.

Medical Power of Attorney

A medical power of attorney is a special document that designates an agent who can make healthcare decisions for you. In the event of your incapacity, this agent can help you handle these important matters in the event that you become incapacitated.