Here To Answer Your Estate Planning Questions
While the attorneys at Trotter Deems & King LLC, practice estate planning every day, we know that the language and tools of estate planning and creating a will are unfamiliar to most people. Here, we answer some common questions we hear from estate planning clients.
Why is estate planning important?
Many people put off estate planning because it is unpleasant to think about death, incapacity or leaving our loved ones behind. However, estate planning allows people to have a say in what happens to their assets, how their legacies are preserved and how their loved ones are cared for. In addition, having a plan in place can minimize taxes and disputes in the future.
What is a revocable living trust?
A revocable living trust is a document that outlines what will happen to your assets when you die. Assets placed in the trust may include real estate property, investments, bank accounts or valuable possessions. Upon your death, these assets may be transferred to the named beneficiaries or managed by a successor trustee in accordance with your estate plan.
What happens when someone dies without a will?
If there is no will, a family member of the deceased may petition the court to be named an administrator. A court-appointed administrator is responsible for gathering the estate’s assets, paying off any debts and distributing the remaining assets under Georgia law.
Many people assume that, without a will, all of their assets will automatically go to their spouse. However, Georgia law also includes children in the distribution of assets unless otherwise stated in an estate plan. The exact distribution depends on factors like how the assets are owned and how many children there are.
Do I need to work with an estate planning attorney?
People in Georgia have many options available to create an estate plan, including a growing number of “DIY” solutions that do not require an attorney. While working with an estate plan lawyer is not legally required, proceeding without an attorney may leave planners more vulnerable to mistakes, future disputes or an estate plan that does not truly meet their needs. A DIY will may be a place to start, but there is no substitute for the advice of an experienced estate planning lawyer who is dedicated to protecting your interests.
More Questions? Contact Us For A Free Consultation.
To discuss your estate planning questions with a member of our team, we welcome you to contact us for a free consultation. A member of our team will help you understand your options for protecting your assets and your loved ones while minimizing your stress and uncertainty. Please call 770-382-6144 or send us an email.