Estate planning might seem complex, especially if you are just starting.
This guide aims to break down the process into clear, easy-to-follow steps.
Whether you are in Georgia or planning to move there, this checklist will assist you in preparing your estate plan.
Let’s start with understanding what an estate plan includes and why it’s vital for you and your loved ones.
Estate planning involves making plans for the transfer of your estate after you pass away.
An estate includes everything you own, like:
No matter how large or how small, everyone has an estate and something in common—you can’t take it with you when you die.
When that happens (and it is “when” and not “if”), you probably want to control how those things are given to the people or organizations you care the most about.
To ensure your wishes are carried out, you need to provide instructions stating:
Start by gathering all necessary documents.
This includes things like:
Having everything in one place makes it easier to assess:
Make a detailed list of your assets and debts.
This list should include assets like:
Also, include all debts:
Decide who will inherit your assets.
These can be:
Be clear about who gets what, even if you think it’s obvious.
It helps prevent conflicts later on.
And, as probate lawyers, we notice that probate is like divorce for siblings.
Selecting the right people to carry out your estate plan is crucial.
Your executor will manage your estate through probate.
Trustees will manage any trusts you create.
Choose individuals who are trustworthy and capable of handling these responsibilities.
An executor is someone you designate in your will to handle your affairs after you pass away.
They will ensure your will is probated, debts are paid, and assets are distributed according to your wishes.
A trustee is a person or institution that holds and administers property or assets for the benefit of a third party.
A trust can be used for various purposes, such as:
Health care directives include:
They allow you to:
A will is a document that states your wishes regarding:
If you don’t have a will, Georgia’s laws determine how your assets are distributed.
This might not be how you would wish that your assets get distributed.
A trust can help manage your estate both during your lifetime and after you’re gone.
A trust can also help:
Once your estate plan is complete, store your documents in a safe, accessible place.
Make sure your executor and family members know where these documents are kept.
Estate planning is an ongoing process.
Review and update your estate plan regularly, especially after major life events like:
By following this estate planning checklist for Georgia, you can make informed decisions to secure your legacy and provide for your loved ones.
If you want help from an estate planning lawyer, fill out the form below.
At The Hive Law, we understand the importance of:
We only accommodate a limited number of clients each month.
So don’t miss your opportunity to work with our estate lawyers.
Benefits of our estate and trust services:
Avoid the pitfalls of inadequate estate planning strategies:
Talk soon.
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