Basic Estate Plans: What are the Components?
While you probably realize you should already have an estate plan in place, many things have probably gotten in the way up until now. You may have felt too busy with work and family to fit in an appointment for a consultation, intimidated by the whole legal process, worried about how much creating an estate plan would cost, or quite simply—like so many others, you may be uncomfortable about facing and discussing plans for after your death.
The estate planning process can be simpler than you might imagine though, and especially with the assistance of an experienced estate planning attorney from Scriber Law Group. As you begin working with your attorney, you should have every opportunity to ask questions and discuss your concerns and goals. From there, a solid outline can be built for your estate plan, which will include the following basics:
Your Will – This is the most traditional part of any estate plan, and depending on the level of your assets, you may need to put considerable time and thought into the details. Here, you will be deciding how to divide your assets and what you want to leave to varying family members, along with any instructions on when they are to receive assets. You must establish an executor, and set up any necessary guardianships. This is the most central part of your estate plan.
Advance Directive for Health Care – These healthcare directives outline the type of care you do—or do not—want should you become incapacitated. And agent should be chosen to make sure your wishes are honored. This may be a spouse, older child, sibling—or perhaps the physician in charge. You will also need to be clear on whether you will want life support, tube feeding, or other options.
Powers of Attorney – Here, you will choose someone that can act in your place to make decisions should you become incapacitated and unable to do so.
Trusts – Setting up trusts may help to ensure that your estate does not go into probate later, and allows you even greater control over your assets, along with protecting them from any other individual or entity who may try to claim them later.
Without proper estate planning, you relinquish important control over your property. While this may affect how your family will inherit your assets later, it could also leave your assets open to creditors. Contact Scriber Law Group for a free consultation. We can give you the important information you need regarding estate planning and trusts in Georgia, as well as answering any questions. Call (404) 939-7562 or contact us online for a free consultation.
