Will

Wills:

To make a valid will in Georgia, you must be 14 years of age or older and be of sound mind. Anyone can write their own will or use a form will from a book but you many be accomplishing all of your intentions. Without knowing it, you could use the wrong witnesses and invalidate your will or set your estate up for large estate taxes. An attorney can help you set up your will so that your executor has much ease through probate and spends less of your estate funds on court costs. If you are interested in making a will or updating your old one, I can send you a questionnaire to get you started with the information I need. Sometimes one legal word can make a big difference in whether your estate is divided only between your surviving beneficiaries or whether the heirs of your beneficiaries inherit in their place. You should also address whether or not you wish for your executor to post a large bond or get every step approved by a judge when probating your estate. The forms tell you how to make a will but a lawyer can make sure that your wishes are carried out in the way that you intend them.

Estate Planning:

This is the process by which you try to increase the worth of your estate while limiting estate taxes. Generally, a person does not need estate planning services unless his or her assets including likely life insurance proceeds are worth over $600,000.00. However, you should always ask a professional about your personal situation. In addition to an attorney to write the will, estate planning usually involves a consultation with an accountant and or a financial planner. This firm can warn you when you may have tax concerns but does not offer tax advice and always recommends that you confirm your estate plans with your accountant. Together with an accountant, this firm can help you decide if your heirs benefit from early gifts, trusts, or certain types of investments. It is also important to know what rights or benefits you may be sacrificing to save tax dollars so that you can determine if the action is worth it.

Trusts:

There are many kinds of trust which can accomplish many different goals. They can be used to limit estate taxes, prevent access to an inheritance until a beneficiary reaches a certain age or meets a certain condition such as completes college. They can be revocable, meaning you can terminate it at any time or irrevocable meaning it continues without and after your death under the control of the trustee. Which type of trust depends on your needs and an attorney can help you decide. A living trust is a trust containing all or some of your assets while you are alive. Your property becomes the trust's property. They are not appropriate for everyone but in the right situations may limit estate taxes or probate costs.

Living Will:

A living will is a form based on Georgia statutes that informs your doctor and loved ones of your intentions if you are in a terminal condition. It allows them to terminate life sustaining procedures for you under the proper conditions. A living will only concerns your body and not your estate. It has a different function from a will or a living trust.

Power of Attorney:

A General Power of Attorney gives someone that you designate, a legal power to do something in your place. The power can be for a one time event, such as the power to sell a car or they can be for an on-going function such as the power to open and manage a bank account in your name. Durable powers of attorney allow the person you designate to continue the power even if you are incapacitated by a physical or mental illness. These documents are popular for clients who are caring for an elderly or ill loved one because it allows them to manage affairs for them when they cannot do so themselves. The power of attorney can go into effect either upon signing or upon a certain event such as court determination of the designator's mental incapacity. There are two kinds of durable powers of attorney, financial and health. The Financial Power of Attorney allows the management of one's financial affairs. It can be very broad, allowing them to manage accounts, sell items, and sign contracts on your behalf or it can be very specific limiting them to one particular purpose. The document can be tailored to your needs. The Health Power of Attorney give the designee the power to make health decisions for you when you cannot do so yourself such as whether or not to have an operation or discontinue life support. If is different from a living will because the living will only relays your wishes. The power of attorney gives a particular person the power to actually make that decision and any other health related ones. The power of attorney can also give a non-relative authority to visit you in the hospital and be involved in your health care when they would not otherwise have a legal say in the matter. The health power of attorney is very popular for unmarried partners and nontraditional families. Both powers of attorney are revocable if you later change your mind about the person or the power you wish to give them.