You’re thinking about your estate plan and getting ready to have your first meeting with your estate planning attorney. You want to be prepared. Here are three things to consider before going into that meeting. Knowing where you land, or at least where you’re stuck, in these categories will make the estate planning process flow smoothly.
Guardianship and Care For Minor Children, Those With Special Needs, and Pets
I’m sure the first thing that comes to mind is the care and support of those who rely on you for the same. When you put your estate plan into place it’s important to establish a plan that continues to care for those under your care in the way you would want them to be cared for.
This is especially important for those with minor children. If you are the parent of a minor child, one of the most important decisions you can make is who will become the legal guardian of your child should you pass away or become incapacitated.
In the event of incapacity (or even taking a trip away from home without the kids), you can name a standby guardian. This is typically someone who lives close by that you trust to make medical and legal decisions for your child in the event that you are not able to. As mentioned, this is usually someone close by (a neighbor, close friend, or relative that lives in close proximity to you) so that your child may remain in their school and routine during your brief absence.
Meanwhile, the guardian you name to care for your child at the time of your death may be someone entirely different. You may choose to name a relative or friend who lives in another state to become the permanent guardian of your child.
It’s also important to consider any minor children or adults in your care who have disabilities or special needs. Do these individuals receive any type of assistance or government benefits—such as Social Security Disability Benefits or Supplemental Security Income? If so, it’s important to create your estate plan in such a way that any inheritance they receive does not disqualify them from receiving these benefits.
Lastly, let us not forget our four-legged friends! It’s important to establish an estate plan that also includes the care of your beloved pets. This may include creating a pet trust or naming guardians for the pets.
Keep in mind, that it’s important to discuss estate planning with your loved ones. We cannot stress enough the importance of talking with those you intend to name as guardians before you name them as guardians! The point of creating an estate plan is so that your wishes may be followed after your death. Talking with your child’s potential guardian, asking permission to name them as guardian, and giving them space to give a real and honest answer can prevent a “no” after your death—leaving the Court to decide who becomes your child’s legal guardian.
Privacy
Another important thing to consider during the estate planning process is privacy.
Wills are made public records once filed in Probate Court. This means anyone can request a copy of your Will and receive it from the Probate Court. To some, this is no big deal. While others cringe at the idea of their wishes being made a public record—available at anyone’s request.
Trusts, on the other hand, are not filed with the Probate Court and therefore are not a matter of public record. Trusts are private documents establishing an agreement between the Grantor/Trustor and the Trustee. In many cases, the Grantor and Trustee are the same person until the death of the Trustee. At that time the successor Trustee named within the Trust Agreement would take over the responsibilities of the Trust. So, this means that your Trust declarations are as private as your Trustee is discreet. If your Trustee is loose-lipped, the gossip mill may catch wind of your wishes. But if not, your Trust is private. Keep in mind, that there may be exceptions to this rule as it pertains to contests related to the Trust. Meaning, there may be instances where certain issues are argued in Court—which could lead to documents or oral arguments becoming a part of the public record.
Beneficiaries
This is the area that most of us think the most about when it comes to estate planning. We think about what will happen to our money and our stuff when we die—who will benefit from it? These people or organizations are beneficiaries.
Most people leave their assets to loved ones—often their surviving spouse and children/grandchildren.
It is very important to consider a few things about your beneficiaries. For instance, as we discussed above, do they receive any government benefits, and would receiving an inheritance be problematic for them? If they do, don’t worry! You don’t have to write them out of your estate plan. There are special trusts and distributions of assets that can accommodate your desire to provide for them into the future with their eligibility to government assistance staying intact.
Additionally, do your beneficiaries have challenges that make receiving a lump sum of assets problematic or even dangerous? For instance, does a child have a gambling or substance addiction? If so, there are certain things that can be done to protect both your assets and your loved ones—preventing them from access to large sums of money or liquid assets at one time.
Lastly, it’s important to consider beneficiaries the state may not consider your legal heir. For instance, stepchildren or long-term live-in partners are not considered heirs in the state of Georgia. So, this means you must specifically name these people as beneficiaries in your estate plan in order for them to receive any distribution of your estate.
We are proud of you for beginning the process to implement your estate plan. We are here to help and have great tools available at our disposal to provide for any estate—no matter how complicated it may be. Call us at (404) 736-6066 or visit our website to schedule a consultation.
