Forming a thorough Estate Plan involves many steps. Before you put your signature on an Estate Planning document, you must be sure to identify your goals, name eligible Beneficiaries, and understand the legal impact of those documents. As a result, the Estate Planning process in Georgia could take many weeks, if not months.
However, the result is worth the time spent on the process. A comprehensive Estate Plan will not only ensure that your property moves to the intended parties after your death, but it can also bring immediate tax benefits and help you to live more comfortably in the future. Our experienced attorneys at Nelson Elder Care Law can help you with every step of the process to ensure your future plans meet your goals and the legal requirements.
Your Estate Plan formation should begin with the identification and valuation of your Assets. This is because your Estate comprises the entirety of your property upon your eventual passing including physical items, cash holdings, real estate, and even an interest in a business. Ensuring that your Estate Plan is thorough requires you to specifically identify these Assets and determine what you want to happen to them in the future.
Placing a proper value on these assets is also important. While there is no Georgia Estate Tax, the federal Estate Tax may still apply if an Estate has a value in excess of $11.7 million. Our Georgia attorneys can help you locate, identify, and evaluate your Assets as the first step in the Estate Planning process.
Traditional Estate Planning included little more than a Will. However, these are inflexible documents that may result in a lengthy and costly Probate process. Other more modern options exist that can bring greater utility as well as benefit you prior to your death.
A common example is a Trust. A Trust allows you to place your Assets under the control of a Trustee with instructions to distribute them to a Beneficiary at a stated time. This may be upon your death or any other point in the future. In addition, placing property into a Trust can bring tax benefits or help make you eligible for government benefits, like Medicaid. Our lawyers in Georgia can work with you throughout the process to evaluate your goals and suggest the proper Estate Planning options.
The final step in the Georgia Estate Planning process is the creation and execution of the documents. Perhaps the most important part of this process involves drafting documents with clarity and specificity. The clearer the document, the less likely it is to meet legal challenges in the future.
For the most part, state law is not concerned with what provisions an Estate Planner may place in documents. However, there are a few specific rules concerning the formation of these documents. For instance, the Official Code of Georgia Annotated § 53-4-20 says that a Will must contain the signature of the testator as well as that of two witnesses who observed the signing. Nelson Elder Care Law can help ensure that all Estate Planning documents satisfy the necessary legal requirements.
The outcome of creating an Estate Plan will determine the property rights of your heirs, the future of your business, and your future financial security. Hiring an attorney to guide you through the Estate Planning process in Georgia could provide you with peace of mind. Contact Nelson Elder Care Law now to learn more.
