What Are the Most Important Estate Planning Documents?
Are you just starting to think about the possibility of estate planning? Maybe a family member or friend recently created an estate plan and discussed their experience with you, or perhaps you recently lost a loved one and have started to seriously consider the need for your own estate plan. The truth is that every adult in Georgia should have an estate plan. Unfortunately, many people mistakenly assume that they do not need an estate plan because they do not have substantial wealth, or because they are younger and relatively healthy. Yet estate planning is not just for the wealthy or the elderly. Estate planning can allow you to make plans for the future in various respects and to have peace of mind knowing that these plans are in place.
What are the most important estate planning documents to consider? While every individual should discuss their particular needs with a Norcross estate planning attorney, the following are among the most important types of documents or legal tools that every Georgia resident should consider.
Will
Everyone should have a will. Through a will, you can identify assets and the party or entity to whom you want to leave those assets, but you can do much more than that, too. In addition to using a will to leave property to beneficiaries, you can also name a guardian for your minor children. This is crucial for parents with minor children. You can also identify an executor to handle your estate in your will.
Advance Directive for Health Care
Georgia has a single Advance Directive for Health Care (rather than multiple documents as many states do), and this document is a critical one. You can clarify your health care wishes for the future in the event of your incapacity, or of a terminal illness. In addition, you can name a person to serve as your agent for health care decisions, who can make necessary medical decisions on your behalf if you cannot do so due to incapacity. Advance directives are essential in many different situations, from accidents requiring emergency surgery to unexpected health events, which can occur at any age.
Financial Power of Attorney
You can and should name a person you trust who can make important financial decisions for you if you become incapable of doing so yourself due to any kind of incapacity.
Contact a Gwinnett County Estate Planning Attorney Today for Help with Your Estate Planning Needs
You might not have realized it, but you need an estate plan if you do not already have one. As we noted above, many people assume that estate planning is only a process that especially wealthy Georgia residents need to consider, or a process that is only for elderly adults or those in poor health. Yet in fact, estate planning documents allow you to plan ahead for the future in various respects and to have peace of mind about your property, how your finances will be handled, and who will make health care decisions on your behalf if you are unable to do so yourself. Do not hesitate to reach out to an experienced Gwinnett County estate planning lawyer at Bowman Law Firm to find out more about how we can assist you with your estate plan. Contact our firm today for more information.
Sources:
law.justia.com/codes/georgia/title-53/
aging.georgia.gov/get-advance-directives
