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Having a comprehensive Estate Plan is a vital part of planning for your future and protecting your present. Unexpected accidents and illnesses can make these plans essential, especially if they result in incapacitation or death.
The Estate Planning process begins with an identification of one’s assets. Next, it is essential to identify potential beneficiaries and determine if their status under the law creates any potential complications. Finally, choosing the correct testamentary documents is vital to give your Estate Plan its intended effect.
The Estate Planning process in Marietta does not need to be overly complicated. Our experienced lawyers at Nelson Elder Care Law are ready to talk with you and discuss your needs, identify your options, and get to work helping you today.
The primary reason to create an Estate Plan is to protect your heirs and the assets that they stand to inherit. This can include your physical property, real estate, bank accounts, and even business interests. Having a valid Estate Plan can ensure that these assets move to the appointed beneficiaries at the stated time.
However, Estate Plans can also bring you benefits during your lifetime. These can include tax benefits from no longer having assets under your possession, to becoming eligible for government benefits such as Medicaid, to achieving peace of mind by understanding that the future is well in hand.
As a result, the first step in creating an Estate Plan in Marietta is to identify your assets and needs. Our knowledgeable attorneys can help you take stock of property, determine whether any testamentary documents are already in effect, and identify potential beneficiaries who may take possession of this property.
Once you have identified your assets and beneficiaries, the process of crafting Estate Planning documents can begin. For many people, a Will is all they need to dictate what they wish to happen to their assets after they die. Wills also serve to help retain control over the Probate process and avoid the state’s harsh Intestacy laws.
According to the Official Code of Georgia § 53-4-20, a Will must be in writing and contain your signature or another person’s signature who signs on your behalf. Additionally, the Will must contain the signatures of two witnesses who observed you sign the Will.
However, creating a Will is not your only choice. More modern Estate Planning tools, such as Trusts, can offer you increased flexibility. Trusts allow for the transfer of assets at any time. In addition, they can bring tax benefits to all parties and even help you qualify for government benefits such as Medicaid. A lawyer at Nelson Elder Care Law can help you select the Estate Planning documents that fit your needs in Marietta.
It is never too early to get starting on the Estate Planning process. It is important keep track of your assets as well as plan for what you want to happen to those assets in the future. This includes identifying beneficiaries to Wills, Trusts, and other testamentary documents.
Our attorneys at Nelson Elder Care Law are ready to assist you with the Estate Planning process in Marietta. Our team can help explain the roles that the various testamentary documents can play and determine whether they are right for you. Once this is done, a lawyer at our firm can draft these documents in a way that meets your goals as well as gives them the proper legal effect. Reach out today to discuss the Estate Planning process.
