Finding Estate Planning Devices That Suit Your Needs
Deciding what to do with your estate can be a stressful process, but the right estate planning device can help you feel more secure about the future of your assets and facilitate a smoother transition for your beneficiaries.
At Trotter Deems & King LLC, we are committed to providing you with the knowledge necessary to make informed decisions about your estate. Whether you choose to create a will, create a trust or do both, we can assist you at every step in the process and set your mind at ease.
Navigating Wills And Trusts
Although wills and trusts are often discussed in tandem, they are far from interchangeable. A will outlines how your assets should be distributed and how your other affairs should be handled after your death. A carefully prepared will can achieve many goals and provide guidance for a number of matters, including:
- Appointing a guardian for children or adults with special needs
- Determining how to address debts
- Disinheriting certain individuals who would normally be entitled to estate benefits
- Detailing wishes for funeral arrangements
Wills require probate in Georgia, meaning that the transfer of assets and execution of your wishes will be carried out by the court. Probate can be a lengthy and expensive process, so some individuals choose to establish trusts to reduce its impact.
A trust gives a third party access to and authority over your assets. Instead of the court overseeing the distribution of assets, the trustee would be able to distribute property directly to the designated beneficiaries. Wills can be used to create testamentary trusts, but their inclusion in the will does not help avoid the probate process. A revocable living trust, or a trust created while you are still alive, allows you to make any necessary changes as your goals and assets continue to evolve.
How Wills And Trusts Ensure Your Legacy
Planning for the future is of the utmost importance. Creating a will or a living trust is a crucial part of securing your legacy. A will allows you to outline how you want your assets distributed after you pass away. On the other hand, a living trust helps manage your assets during your lifetime and can simplify the process of transferring assets to your heirs. This gives you greater control over your loved ones’ financial security. It is a way to provide for them, even after you have passed away or lost your capacity. It is a way to preserve your legacy here on earth.
If you are still uncertain about whether you need a will, a living trust or both, you can turn to us for a consultation. We are here to help you navigate the wills and trusts process with ease. Whether you need assistance with estate planning documents or guidance through Georgia probate, our team is ready to support you every step of the way.
What Is The Difference Between A Will And A Living Trust?
A will is a legal document that outlines what you want to happen to your assets after you die. It comes into effect only after you pass away. A living trust, however, is effective during your lifetime. It allows you to manage your assets while you are living, and it can help avoid probate. A living trust can provide more control and flexibility in managing your estate than other kinds of trusts.
Why Should You Make A Will?
Every adult should have a last will and testament. Making a will is important because it ensures that your executor and the court follow your wishes. Without a will, Georgia state laws will determine how to distribute your assets. There is no guarantee that this will align with your desires. A will also allows you to designate guardians for minor children, specify who receives your assets and outline any special instructions. It provides not only legal and financial security but also peace of mind for you and clarity for your loved ones.
What Is Probate?
Probate refers to the legal steps of validating a decedent’s will and distributing their assets to beneficiaries. It involves court supervision to ensure payment of outstanding debts and distribution of assets in accordance with the will. Generally, the steps are:
- Validating the will
- Contacting beneficiaries
- Accounting for assets
- Repaying creditors
- Filing taxes
- Transferring assets
In Georgia, probate can be straightforward or complex, depending on the estate. Our team can guide you through Georgia probate to ensure a smooth process. We can also work with you during the estate planning process to avoid probate when possible. This can save your surviving loved ones a great deal of time, money and stress. It can also minimize the impact of taxes and legal fees on your estate.
Other Estate Planning Options
Estate plans may also include instructions for how your legal, financial and medical decisions should be handled if you become incapacitated.
An advance medical directive provides legal documentation for how your medical needs should be addressed when you fall ill or cannot make decisions independently. This can cover anything from resuscitation orders to end-of-life comfort care.
While an advance directive can dictate the terms of your medical care, your financial affairs must be addressed as well. A power of attorney designates a person or organization to make decisions on your behalf. Signing a power of attorney does not relinquish your rights to make your own decisions but rather gives another party the ability to assist you when necessary.
Without a power of attorney, your family may have to file a petition for conservatorship in Georgia probate court, which can take up to eight weeks.
Make Informed Decisions About Your Future With Trotter Deems & King LLC
Proper estate planning can make a world of difference for you and your family. Our firm has the experience to guide you through these complex processes and help you establish estate plans that make you feel secure. Email us or call us in Cartersville at 770-382-6144 to schedule a consultation.
