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Beneficiary Designations in Woodstock Estate Planning

Creating a comprehensive Estate Plan not only requires a full analysis of your Assets, but it also requires you to determine which individuals will receive them and when this transfer will occur. While you are free to designate any person, you want to be a Beneficiary, there are limitations under the law that may make it difficult for specific people to inherit your property or may open the Estate to taxation.

Our experienced lawyers at Nelson Elder Care Law could help you understand Beneficiary Designations in Woodstock Estate Planning. Our knowledgeable team could help you pass on your belongings in a way that limits the impact of taxation or prevents a beneficiary the right to inherit.

Who May be a Beneficiary in an Estate Plan?

Any person living in or out of Woodstock may be designated as a Beneficiary in your Estate Plan. However, nuances do come into play depending upon the form of testamentary document that you use to transfer your property.

For example, people over the age of 18 can directly inherit Assets under a Will, but minors may not be able to enjoy the benefits of being a Beneficiary. Under state law, people under 18 can only directly receive $15,000 of their inheritance. The rest must flow into a Conservatorship.

Looking into alternative forms of Estate Planning can help to avoid these complications. For instance, minor children can be Beneficiaries of a Trust. The property moves into the Trust until the child comes of age, at which point the trustee distributes the property to the Beneficiary. Our lawyers could provide more information about the legal limitations of Beneficiaries.

Importance of Accurately Naming Beneficiaries

The goal of any Estate Plan is to ensure the swift and accurate Distribution of your Assets to specific Beneficiaries. Of course, if you fail to name these Beneficiaries, multiple complications may arise.

The state’s Intestacy laws determine who will inherit property if an Estate Plan does not mention that properly or if a court invalidates a testamentary document. According to the Official Code of Georgia § 53-2-1, the Probate Court will grant Beneficiary status to family members in a certain order if you do not put together a valid Estate Plan.

For this reason, it is vital to be as specific as possible when naming Beneficiaries. Always list a Beneficiary’s full legal name. For family members, list that person’s relationship to you. It can also be beneficial to include other identifying information, such as a Beneficiary’s birthdate.

Similarly, be as precise as possible when intending to disinherit a party. One of our local attorneys at Nelson Elder Care Law could work to craft testamentary documents that leave no doubt concerning your naming of Beneficiaries.

Reach Out to a Woodstock Estate Planning Attorney Today

The accurate naming of Beneficiaries is an essential part of Estate Planning. Not only will this inform a Probate court of your intent in Distributing your Assets after your death, but it can also help to avoid confusion or animosity that could lengthen the Probate process.

It is essential to remember that certain people cannot directly inherit property. For others, receiving this property may make them subject to taxes that do not exist in this state, such as an Estate tax. Our team at Nelson Elder Care Law are prepared to assist you with Beneficiary Designations in Woodstock Estate Planning. Call today to schedule a consultation.

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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

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Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

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