Estate Planning

Although Estate Plans vary in size and complexity, a basic Estate Plan will generally include the following, each of which is discussed below:

  • Will (or a Will substitute, such as a Revocable Living Trust)

  • Financial Power of Attorney

  • Advance Directive for Health Care

Long Term Care Planning provisions can be included in your Estate Planning documents to facilitate asset protection if long term care is needed at a future time.

Wills

Your Will is your opportunity to direct what will happen to your property after your death and to appoint a trusted Executor who will probate your Will and carry out your wishes.  If you have minor children, you can name a Guardian in your Will and set up a trust to care for them.

Revocable Living Trusts

A Revocable Living Trust is designed to allow you to avoid Probate after your death. You can be the Trustee of your Revocable Living Trust during your lifetime, and you will appoint a trusted person to serve as Trustee after your death. You have full control of the assets in your Revocable Living Trust during your lifetime and can revoke or amend your Revocable Living Trust at any time. After your death, your Trustee will distribute the assets in your Revocable Living Trust in accordance with the instructions you left in your Trust Agreement.

Financial Powers of Attorney

 A durable financial Power of Attorney allows you to designate a trusted Agent to handle your financial affairs if you are ever unable handle them yourself. “Durable” means that the Power of Attorney will remain in effect even if you are incapacitated in the future. You can choose to make your Power of Attorney effective: (i) on the date you sign it; or (ii) only after the occurrence of a specified event, such as your doctor certifying that you are no longer able to manage your own finances.

Advance Directives for Health Care

Georgia’s Advance Directive for Health Care is a combined Health Care Power of Attorney and Living Will. It allows you to designate a trusted Health Care Agent to make your health care decisions if you are unable to. You can also specify your wishes for end-of-life care, including what types of treatment you do and don’t want to receive.