The Estate Planning process in Woodstock must begin long before adding your signature to documents. It is essential to be able to identify your goals, nominate Beneficiaries, and choose the correct form of documents to have the proper legal effects and protections.
As a result, it is a beneficial idea to hire an Estate Planning attorney at our firm. Our experienced team at Nelson Elder Care Law can work with you to measure your Assets, determine what legal tools are right for you, and draft the documents necessary to make your wishes a reality.
The first step in the Estate Planning Process is to identify your assets in and out of Woodstock. This is crucial for a number of reasons. First, only by identifying assets can you hope to dictate where they will go. Whether you are looking to craft a Will that Distributes Assets after your passing or want to provide funds to another through a Trust, properly cataloging these Assets is a prerequisite.
Another reason why identifying assets is crucial is the state’s statute concerning Intestacy. According to the Official Code of Georgia § 53-2-1, Probate courts have an automatic list of heirs who will receive property that is not a part of an Estate Plan. This means that if a Will names some of your assets but not others, the court can distribute the remainder of the Estate according to this hierarchy. In many situations, this may not align with your wishes.
For the most part, you are free to name any person that you wish to inherit your property. Even so, there are certain caveats that you must keep in mind.
Always remember that children under the age of 18 cannot inherit property in excess of $15,000 in value through a Will. In these cases, the property will move into the temporary hands of a Conservatorship.
In other situations, there are tax issues to consider. While Woodstock is in a state that does not levy an estate tax, some Beneficiaries may reside in locations that do. Understanding these tax laws and their impact on Beneficiaries is a major part of the Estate Planning process.
Once you have cataloged your assets and identified Beneficiaries, you are ready to craft your Estate Plan documents. These can include Wills and various forms of Trusts.
The exact form that these documents must take will vary on a document-by-document basis. For example, O.C.G.A. § 53-4-20 requires you to sign your Will in the presence of at least two other witnesses. Also, those witnesses must sign the Will in your presence. Our Woodstock attorneys at Nelson Elder Care Law can help you through the process of drafting these Estate Planning documents to ensure their validity and clarity.
Having a proper Estate Plan is essential for securing the future of your heirs and ensuring your final wishes come true. Beginning the process as soon as possible can help your journey down this road, and our experienced lawyers can help.
Our team can guide you through the Estate Planning Process in Woodstock and answer any questions you may have. Call now to schedule your initial consultation with Nelson Elder Care Law.
