You create an estate plan by putting legal documents in place that direct how your property and personal affairs are handled if you become incapacitated or die. While it’s possible to do the work yourself, it’s a good idea to talk to an attorney who can help with the process.
The plan decides who gets your property and who makes choices for you if you’re unable. If you don’t have a plan, Georgia’s intestacy laws will dictate who receives your assets, and a court will choose someone to manage your affairs.
Nelson Elder Care Law has served hundreds of Georgia families and assisted them with estate planning and other legal issues. Call to schedule your free Legacy Planning Meeting to learn more about how our estate planning lawyers in Woodstock can help.
What Documents Make Up an Estate Plan?
Most estate plans are built around a few key documents, each with a specific role. These collectively determine what happens to your property and who will act on your behalf if you’re unable to do so. Failing to include one can create a significant gap.
- A last will and testament names your beneficiaries and appoints an executor to carry out your wishes.
- A financial power of attorney designates a trusted person to handle your finances if you’re unable to do so.
- Your Advance Directive for Health Care states your medical preferences and names someone to make health decisions for you.
- A trust, when appropriate, holds and distributes assets while helping your family avoid probate.
The right documents for you depend on your assets and goals. There is no single solution that works for everyone. Nelson Elder Care Law’s Estate Planning Guide outlines important points to consider for your plan.
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Can You Create an Estate Plan Yourself?Even though you can find estate planning forms online, they might not fully meet your needs. A lawyer can provide valuable advice, turning a set of documents into an effective and practical plan.
A lawyer makes sure your documents meet Georgia’s signing and witnessing requirements so they hold up when they are needed. An attorney listens to your goals and spots issues you might never think to raise. Small errors in a do-it-yourself plan often surface only after it is too late to fix them.
Working with a lawyer also gives you a place to turn as life changes. You are building a relationship, not just filling out paperwork. Nelson Elder Care Law guides Georgia families through the entire process with care and attention.
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How Does an Estate Plan Prepare for Medical Emergencies?
Estate planning is not only about death. A well-built plan also protects you if illness or injury leaves you unable to manage your own affairs. This part of the process often matters most while you are still living.
A financial power of attorney allows someone to pay your bills, manage accounts, and handle property if you cannot. An Advance Directive for Health Care lets you state your medical wishes and name someone to speak for you.
If you don’t have these documents, your family may need to go to court to get permission to act on your behalf. Planning can prevent this situation. Nelson Elder Care Law helps ensure your plan addresses issues of incapacity, not just what happens to your inheritance.
What Role Does Medicaid and Long-Term Care Planning Play?
Long-term care represents a major financial risk for older adults. Nursing home costs can drain savings quickly, and many families are caught off guard by how fast that happens. Planning can protect what you have worked to build.
Medicaid has strict income and asset limitations. Georgia Medicaid reviews all asset transfers over the past five years. Transferring assets without proper planning may result in penalties.
A legal tool such as our Absolute Protection Trust™ can help you protect your assets while remaining eligible for health benefits if you need them. Nelson Elder Care Law will guide you through the process of creating and funding your trust.
How Often Should You Update Your Estate Plan?
An estate plan isn’t a one-time decision. A plan that was perfect a decade ago might not accurately represent your current family situation or wishes. Certain events necessitate a review.
- A marriage, divorce, or the death of someone named in your documents changes who should inherit or serve.
- The birth or adoption of a child or grandchild adds someone you may want to provide for.
- A major change in your assets, such as buying property or selling a business, affects how your plan should be structured.
Reviewing your plan every few years keeps it current with the law. Small updates now prevent large problems later. Nelson Elder Care Law helps clients keep their plans aligned with their lives.
Get Help Creating Your Estate Plan
You create an estate plan by putting legal documents in place that direct how your property, health care, and personal affairs are handled if you become incapacitated or die. An attorney drafts these documents so they meet Georgia’s legal requirements and reflect your instructions.
A complete plan generally includes a will, a durable power of attorney, and an Advance Directive for Health Care. The right combination of documents depends on your assets and your goals.
Nelson Elder Care Law has been assisting Georgia families with legal challenges since 2014. Call today to schedule your free Legacy Planning Meeting and discuss how we can help you create your estate plan.
