The goal of any Estate Plan is to ensure the quick and accurate transfer of assets to your heirs and beneficiaries. For many of your loved ones, receiving the full benefit of these assets is straightforward, and they can take immediate control of property.
However, situations can arise where an heir is unable to directly inherit, or they need help to properly utilize assets. Here, an Estate Plan must make special provisions for these individual’s needs.
Our compassionate lawyers at Nelson Elder Care Law can assist you with Special Needs Estate Planning in Woodstock. This includes both heirs who are minor children and those with physical or mental conditions that leave them unable to care for their own wellbeing.
A basic concept in Estate Planning says that the owner of property has the right to devise that property to any person of their choosing. However, this right can sometimes conflict with the legal ability of beneficiaries to inherit or the limitations of those beneficiaries.
One common example is when an heir is a child under the age of 18. By law, minors cannot directly inherit property through a Will. Another example is if you wish to leave assets to a loved one with functional limitations. While your loved one can directly inherit, they may need assistance to take control over the property and properly utilize it.
Special needs Estate Planning takes these factors into account. Our attorneys can help you identify the possible limitations of your heirs and craft Estate Plans that assist these individuals in obtaining the full value of their shares of an Estate.
Perhaps the most effective way to ensure that the needs of your heirs are met is to transfer property through a Trust. To create a Trust, according to the Official Code of Georgia Annotated § 53-12-20, you must give control over property to the Trust. A trustee will then distribute this property according to the terms of the document.
This form of Estate Planning in Woodstock can provide help to people with Special Needs. For instance, minor children can receive property from the Trust once they come of age. Holding the property in a Trust ensures its safekeeping as well as a measured distribution according to your schedule.
Similarly, many people form Trusts to provide a steady stream of income to people with disabling conditions. Trusts can provide finances to people on a schedule or even provide payments to directly pay for housing or other living expenses.
Trusts also come with other benefits. Once property enters a Trust, it is immune from taxation. Additionally, property that moves through a Trust does not need to go through Probate. Finally, a Trust can Distribute Assets at any time that you decide. This is in contrast to a Will that only carries a legal effect upon your death. Our team at Nelson Elder Care Law can help craft these documents in a way that meets your specific goals.
Every Estate Plan should consider the potential limitations of all heirs and beneficiaries. These limitations can include a person’s age as well as their ability to properly handle assets that come into their possession.
Thankfully, Estate Plans can be flexible in a way that provides for the needs of these loved ones without limiting their ability to enjoy the benefits of receiving property. Contact the office of Nelson Elder Care Law for skilled guidance on Special Needs Estate Planning in Woodstock.
