A Comprehensive Overview of Estate Planning
It is common for people to want to avoid estate planning. It forces you to think about your death, and that’s not a fun thing to dwell on. But your estate plan is not created for you, it’s created to secure the future for those you love and the issues and causes you care about. If you want things handled the way you choose rather than allowing the state to make all the decisions for you, you have to do your planning now. No one is guaranteed tomorrow. Today is the day to contact the experts at Siedentopf Law to get the plans you want secured for your peace of mind and your loved ones’ future. Call us at (404) 736-6066 or visit our website to schedule a consultation.
The necessary parts of an estate plan vary depending on your needs and assets, as well as your desires and the future needs of your loved ones. Read below for an overview of the various parts of estate planning. For additional information, our founder, Sarah Siedentopf, has written a book specifically for Georgia residents to help you understand the process. Click here to download a free copy of her book!
Wills
The first thing that most people think of when they think of estate planning is a Will. A Will is one of the most basic elements of an estate plan. Through the instructions you specify in your Will, you provide for the smooth administration of your estate and set out a clear map for your executor to follow to carry out your wishes. Specifying exactly how you want things handled in your Will reduces the arguments and disagreements that commonly arise without such clear instruction.
In addition to creating a clear path for your executor, your Will allows you to choose who that executor will be. It also allows you to state to whom your possessions and assets will flow, and how they will be transferred. Perhaps of even more urgency, your Will allows you to specify who will be named as guardian(s) for your children and your pets. In the absence of a properly executed Will, your assets and your family/pets will be placed according to the laws of your state. The court will decide who your executor will be and everything you own will be distributed to your heirs at law. Neither you nor your family will have any say over this distribution. Don’t wait to get this important document in place to ensure that your wishes, and not the state’s, take precedence in the distribution of your estate.
Click here for more information on the most important parts of your will.
Trusts
A trust can be built in to your Will, or it can be separate and self-contained. A trust that is part of your Will is called a testamentary trust and is intended to be funded with a portion or all of your estate when you pass. A stand-alone trust can be funded during your lifetime or be the recipient of estate funds after you pass. The estate planning specialists at Siedentopf Law will help you analyze your specific needs and goals, and what type of trust, if any, will best help you accomplish them.
Revocable Trusts: A revocable trust is often called a ‘living trust’ as it is set up and funded during the life of the grantor. It can be changed or even completely revoked at any time. A revocable trust becomes irrevocable once the grantor dies.
Irrevocable Trusts: An irrevocable trust cannot be changed or modified except in very rare conditions. Assets transferred to an irrevocable trust are then owned by the trust and not by the grantor and cannot be removed or withdrawn from the trust.
There are many types of trusts that can fall under these two distinctions e.g. special needs trusts, charitable remainder trusts, asset protection trusts, and others. The experts at Seidentopf Law can help you determine what type of trust you may need and help you understand what is accomplished by each.
Click here for more information on the different types of trusts.
Guardianship
Another important reason for estate planning is to set up a plan for the guardianship of your children should anything happen to you. Even if you have talked to family or friends about what you would like to have happen should you be unable to care for your children, if it is not property immortalized in your estate plan, the courts will decide who gets guardianship instead of you. You have plans, hopes and dreams for your children’s future and you want to be able to make sure these plans are not tossed by the wayside if something unexpected happens.
This is also true for your pets. Guardianship plans for your animals can be specified in your estate plan and you can have peace of mind knowing that they will be cared and provided for if you are no longer here.
Click here for more information on planning for your pets.
Advance Directives
Having a properly executed advance directive means that you can be sure that your wishes regarding your health care are carried out should you be unable to speak for yourself. The advance directive spells out the types of treatment you are willing to accept, and those you are not. It will make clear your decisions to accept or avoid heroic measures such as life support, and your wishes regarding organ donation and the like.
An advance directive will also provide you the opportunity to specify someone to become your guardian and make decisions for you should it be determined that this is needed.
Georgia has specific laws regarding advance directives and the specialists at Siedentopf Law can help you understand what your choices mean and help you execute this important document in the proper way to achieve your specific health care goals.
Durable Powers of Attorney
A durable power of attorney allows you to specify an individual that you trust to act in your place for financial decisions should you become unable to act in your own behalf. The word “durable” in this title simply means that this power does not end because of your incapacity. In fact, that is when this document is most useful.
A durable power of attorney spells out exactly what powers you are granting to the person specified (often called your “attorney-in-fact”) and they can act only in these specific circumstances. It is very important that you seek the guidance of an expert in this field to ensure that the document you sign will accomplish everything you need it to. Documents found on the internet that claim to cover this need are frequently lacking in the needed specificity to properly address your goals. Call the experts at Siedentopf Law to help you get the right documents in place to meet your needs and properly comply with Georgia laws.
You might feel that this is something that can wait until later – when you actually need someone to help with these matters. This can be a grievous mistake. When you are in the situation where you need this document, it is too late to create it. Georgia law requires that you be competent to sign a power of attorney. This is not something you want to put off.
Having this document properly executed and in place well before it is needed can save your family a great deal of time, money, and frustration later on as they would need to go through proceedings in the probate court to get the authority they need.
Click here to read about how to ask someone to be your power of attorney.
Conclusion
Here at Siedentopf Law, we understand that estate planning can be difficult and unsettling. We are here to help you every step of the way to decide what documents you need and get them expertly prepared so you can know your future and your family are properly protected.
Reach out to us today to discuss your estate plan and what you need to protect the future for your family. Call us at (404) 736-6066 or visit our website to schedule a consultation.
Click here to download “Peace of Mind Through Estate Planning” Sarah Siedentopf’s book on protecting yourself and your family through estate planning.