Discussing end-of-life plans is never easy, but it can produce peace of mind and help your loved ones avoid potential burdens if something happens to you unexpectedly. Estate planning is the process of arranging how you want your assets to be managed and distributed upon your death. Unfortunately, there is a misconception that the process only applies to wealthy individuals or those with numerous assets. The truth is that every individual and their loved ones can benefit from making informed decisions about the future of their assets, and it is never too early to set one up!
Understanding the estate planning process in Atlanta can help you meet your financial goals and plan for your family’s future. Sarah Siedentopf is an estate planning attorney who guides clients through the complex and emotional issues surrounding wills, trusts, and end-of-life planning, empowering them to make informed decisions. Schedule a strategy call to work with an attorney who listens to your unique needs, answers your questions, and provides a clear direction to create personalized plans.
The Importance of Estate Planning
Without a valid estate plan in place, you have no control over what happens to your assets if you are suddenly unable to make these decisions for yourself. If you do not make legal estate planning arrangements, the state’s intestacy laws will guide how your assets are distributed. Intestacy laws are mainly covered in Georgia Code § 53-4-2 to 53-4-4. These laws outline a pattern of succession defining how an estate will be passed to beneficiaries if there is no will or trust in place. It will likely differ from the distribution of assets you would have wanted.
If you pass away without establishing an estate plan, your estate will undergo probate, which is a public, court-supervised proceeding that can be expensive and time-consuming. Certain aspects of the estate planning process, with guidance from an Atlanta lawyer, can help your beneficiaries avoid probate and make a seamless transition of assets.
Estate Planning Documents
An estate plan includes documents that accommodate your specific needs by providing directions about distributing named assets to your chosen beneficiaries. The documents in your estate plan can place assets, assign someone to make legal decisions for you if you become incapacitated, designate guardians for your children, and more. Some of the most common estate planning documents include the following.
Trusts
Trusts can be enacted during your lifetime or created by instructions in your will. A living trust allows you to transfer the ownership of certain assets to the trust so that they will be automatically transferred to named beneficiaries upon your passing. Trusts can be used to distribute assets to beneficiaries and charities, and provide specific instructions for distribution.
Wills
Similar to a trust, a will is designed to transfer your assets according to your wishes. However, a will also has other functions, including the act of naming a guardian for minor children. A will becomes effective after your death and after it is admitted by a probate court. When drafting a will, you can name an executor who will carry out your instructions as listed.
Powers of Attorney
Assigning a person with power of attorney allows you to legally designate someone you trust to make decisions for you if you ever become mentally incapacitated, ill, or injured. The designated individual can be assigned the authority to manage your financial affairs, including bills and investments.
Health Care Directives
These documents provide you with an opportunity to make decisions about your wants and needs for medical treatment. A health care directive will be used if you are ever unable to communicate your decisions in a medical emergency.
Contact an Atlanta Lawyer to Simplify the Estate Planning Process
The estate planning process in Atlanta has many moving parts and must follow specific legal requirements. Discussing your needs with a legal professional is the best way to create a secure and valid estate plan. Contact Siedentopf Law today to schedule a convenient virtual strategy session – from anywhere in the state.
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