Estate planning covers a range of documents and strategies designed to protect your assets, provide for your family, and give you control over decisions made on your behalf if you become incapacitated. Below is a general overview of the areas a Georgia estate planning attorney typically addresses.
Wills are the foundation of most estate plans. A Georgia will must meet specific formal requirements to be valid, including being signed by the testator and witnessed by two competent witnesses. Without a properly executed will, your estate passes through intestate succession – a process that may not reflect your wishes at all.
Trusts offer a way to transfer assets outside of probate, maintain privacy, and in some cases provide tax advantages or creditor protections. Revocable living trusts are a common planning tool for people who want to avoid the public, time-consuming process of probate in Georgia courts. Irrevocable trusts serve different purposes, including Medicaid planning and asset protection.
Powers of attorney are equally important. A durable financial power of attorney allows a trusted person to manage your financial affairs if you are unable to do so. A healthcare power of attorney designates someone to make medical decisions on your behalf. Without these documents in place, your family may need to pursue a costly and slow court-supervised guardianship process.
Advance directives, sometimes called living wills in Georgia, communicate your wishes about end-of-life medical treatment. These documents give your family and medical providers clear guidance and reduce the burden of difficult decisions during already stressful situations.
For Cumming residents with minor children, guardianship designations within a will may be the single most important decision in the entire estate plan. Without a named guardian, a court decides who raises your children if both parents die or become incapacitated.