Estate Planning Basics: Wills, Trusts, Guardianship & More
Georgia Estate Planning Basics: Wills, Trusts, and Guardianship to Secure Your Legacy
Imagine the peace of watching your children and grandchildren play, knowing they’ll be taken care of after you’re gone. Estate planning isn’t for you; it’s for the people who’d have to figure things out if you weren’t here to do it for them.
In this guide, we’ll break down the basic building blocks of an estate plan to help you get started. You don’t have to plan your entire legacy in one day, but taking just the first small step today can save your family a world of stress tomorrow.
The specifics of your estate plan will vary depending on your needs and your desires for your loved ones. Consult a qualified estate planning attorney to help you decide on the best plan for your assets and situation.
What you’ll learn in this guide:
- The essential planning documents every Georgia resident needs
- How to make sure your kids (and pets) are cared for if something happens to you
- The difference between Wills, Trusts, and Powers of Attorney
- Why planning while you’re alive matters just as much as planning for after you’re gone
What is a Will? And why do you need a Will in Georgia?
A Will is one of the most foundational tools in estate planning. It outlines how your assets should be distributed after you pass, names the person (the “executor”) in charge of carrying out those wishes, and designates a guardian for your children or pets.
Without a valid Will, the state of Georgia decides what happens to your property, your kids, and everything else you leave behind.
That means:
- A judge picks your child’s guardian
- The state distributes your assets according to intestacy laws
- Family conflict may arise over who gets what
Creating a Will gives you control, spares your loved ones from making tough decisions, and ensures your wishes are honored.
Types of Trusts in Georgia Estate Planning
A Trust is a powerful legal tool that allows you to manage your assets during your life and control how they’re distributed after you pass in ways that a Will can’t. You can build a Trust into your Will, or keep it 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 (what most people imagine when they think of a Trust) can be funded during your lifetime or be the recipient of estate funds after you pass.
Trusts have numerous benefits, including:
- Helping you avoid probate
- Protecting beneficiaries (including minors or people with special needs)
- Reducing estate taxes
- Keeping your wishes private
The most common types of Trusts in Georgia include:
- Revocable Living Trusts: You keep control of your assets during your lifetime and can change or revoke the trust at any time. After death, it becomes irrevocable.
- Irrevocable Trusts: Once established, these cannot be changed without court approval. Often used for asset protection or tax planning.
- Special Needs Trusts: Designed to protect a disabled person’s access to public benefits while supplementing their care.
- Generation-Skipping Trusts: Provide for grandchildren directly, bypassing the children. Requires careful tax planning.
There are many other types of Trusts as well, including Charitable Remainder Trusts, Asset Protection Trusts, Spendthrift Trusts, etc. Consult an expert to determine exactly what type of Trust will best accomplish your goals.
How to legally name a guardian for your children or pets
Talking about guardianship can feel heavy, but it’s one of the most important estate planning decisions you can make, especially if you have minor children or pets.
A legal guardian is the person who will care for your dependents if you’re no longer able to. Without a documented plan, the court chooses for you. That’s why it’s so important to:
- Name a permanent guardian in your will
- Appoint a standby guardian to step in temporarily if you’re alive but incapacitated
- Create care plans for pets, including who will take them and how they’ll be provided for
Georgia Advance Directive for Healthcare
An advance directive lets you spell out your medical wishes in advance and name someone to make healthcare decisions for you if you can’t speak for yourself.
This includes:
- Life support and resuscitation instructions
- Organ donation preferences
- Naming a healthcare agent to speak on your behalf
Advance directives prevent confusion, delays, and painful family disputes during medical emergencies. Georgia has its own legally required format; a qualified attorney can help ensure yours is compliant and properly filed with your providers.
Why do you need a Durable Power of Attorney in Georgia
A Durable Power of Attorney (POA) allows someone you trust to handle your financial and legal affairs if you become unable to.
That means:
- Paying your bills and mortgage
- Managing your business
- Accessing bank accounts
- Selling or purchasing property if needed
The “durable” designation means that this type of POA remains valid even if you’re incapacitated. Without it, your loved ones would have to go through probate court to be appointed as your conservator.
Now is the time to protect your legacy
If you’ve been putting off creating an estate plan because the process feels overwhelming to think about, you’re not alone. But here’s the truth: a little planning today can prevent a nightmare of stress and legal hassle for the people you love most.
At Siedentopf Law, we’re experts at guiding you through the process in a way that feels clear and manageable.
We’ll help you:
- Create or update your Will
- Choose the right Trust for your goals
- Legally name guardians for your kids or pets
- Establish medical and financial decision-makers
Want to do more research? Download your free copy of Peace of Mind Through Estate Planning by attorney Sarah Siedentopf.
If you’re ready to get started today, schedule a strategy session or call us at (404) 736-6066.
