What Are the Most Important Estate Planning Documents in Georgia?

Are some estate planning documents more important than others? Depending on your individual circumstances, there are various types of estate planning documents, including specialized types of trusts, that you may want to consider and that might benefit you immensely. Generally speaking, however, the following are the key estate planning documents that every person should have in place, regardless of your age, income, health, or family status.

1. Will

A will is a necessary document for everyone to have as part of their estate plan. Even if you are planning to leave all of your assets to beneficiaries outside your will (such as through your revocable living trust, as we will discuss below), you will still want to have a “pour-over” will that ensures everything is accounted for, even if there is an asset you forgot to add to your trust). Without a will, you will die intestate, which means that Georgia’s laws of intestate succession will apply, and the state will determine how your assets are distributed.

2. Durable Financial Power of Attorney

Everyone should have a durable financial power of attorney. This is a document that allows you to name a person you trust to act as your agent to handle financial matters in the event you become incapacitated, or even if you just need assistance. You can create this document so that it is “springing,” meaning that it will only take effect if you do become incapacitated.

3. Georgia Advance Directive for Health Care 

Now in a single document (with multiple documents in one), the Georgia Advance Directive for Health Care is something that everyone should create as soon as they turn 18. Through this Advance Directive, you can name a health care agent to make health care decisions on your behalf in the event you become incapacitated, you can clarify any treatment preferences you have, and you can even name a preferred guardian of the person in the event of your incapacity.

4. Revocable Living Trust 

For most adults, a revocable living trust is the best way to leave assets to beneficiaries. Since it is revocable, you can manage it (and make any changes you want to the terms) during your lifetime, and it allows your beneficiaries to inherit without having to go through probate.

To find out about additional estate planning documents beyond the essential ones we have discussed above, including tools that may be necessary based on your individual circumstances, you should speak with an estate planning lawyer in Georgia.

Contact a Gwinnett County Estate Planning Lawyer Today for Help with Your Georgia Estate Plan 

Have you realized that you do not have an estate plan but need to make one? Many Georgia residents find themselves in this situation, and it is important to get started on estate planning as soon as you can. For most residents of the Norcross area, working with an experienced Gwinnett County estate planning attorney at Bowman Law Firm means that you can create all necessary estate planning documents and tools with relative ease, and you can give yourself and your family members peace of mind for the future. Contact our firm today to find out more about how we can assist you with all aspects of your Georgia estate plan.

Source:

law.justia.com/codes/georgia/title-53/