If you’re in the process of planning your estate, then you may have considered hiring an Atlanta Estate Planning Attorney, Georgia to help you with the details. After all, an estate planning attorney can do everything from setting up trusts to writing your last will so that your assets go where you want them to go when you die. However, if you haven’t yet found an attorney to help you with your estate planning needs, here are some tips on what to look for in Atlanta estate planning lawyers-and why they’re so important when it comes to planning.
Why Estate Planning is so Important
Having a solid estate plan can provide peace of mind and security for yourself, your spouse, and your loved ones. Knowing what will happen with all of your assets and where they will go after you pass is incredibly important. Estate planning doesn’t have to be difficult or stressful, but it does need some time and research.
The Importance of an Executor
An executor is a person you appoint in your will to execute (carry out) the instructions of your last will, also known as a probate court. One of their responsibilities is liquidating assets and using the proceeds for charitable giving or other purposes that are spelled out in your final documents. They may be entrusted with making decisions about how to distribute your assets, such as how much goes to one beneficiary versus another or what investments they should make with those funds.
Common Mistakes made with wills
Many people assume that all they need is a will to give instructions for what should happen when they die. In reality, however, this is only one of the estate-planning documents you may need. Some common mistakes made by individuals are not updating wills following divorce or remarriage, not specifying who should get children or grandchildren’s inheritances if both parents die, and not including specific bequests such as life insurance and retirement plans.
Considerations before deciding on a will
For all its logistical convenience, the will can be a very expensive proposition. One of the most costly parts of drafting a will is deciding which state’s laws to apply if you live somewhere other than where your estate goes. For example, if you are married and have children who were born out of wedlock, but were adopted by your spouse as adults and live with you at the time of your death, they would not inherit any portion of your estate under Georgia law.
Beneficiary designation – two separate entities require two separate plans
Designating a beneficiary who will receive your assets upon death can help reduce estate taxes on your estate. This typically involves having two different plans for two different entities. For example, you could designate your spouse as the recipient for any property you leave them at your death and name a charitable organization for the remainder of what is left of your estate.
Estate planning is important. It lets you plan for what will happen to your property and your family after you’re gone, such as making sure any debt is eliminated or that certain people are the beneficiaries of certain funds. That’s why it’s so crucial to have a good estate planning lawyer on your side, one who can help ensure that everything is taken care of properly.