Estate planning is an essential part of life that many people put off because they feel it is not necessary at this point in their lives. Sadly, many of these people find out too late that estate planning is not just about creating a Last Will, it is also about protecting your assets while you are alive. There are many facets of estate planning, each of which is important to North Georgia residents.
Guardianships and Conservatorships
When you have young children at home, or an older child with special needs, it is very important that you establish who will care for them in the event that you are unable. Establishing guardianship is very important because if your children are left without parents, the State may determine who is responsible for their care.
A conservatorship can be used for many things, but is most commonly used to manage money for children. The person that is in charge of the conservatorship will manage accounts set aside for children or disabled adults and help them with their living expenses.
A trust can be used for many things, including reducing your tax burden. Many people find that when they place their money in a trust, they are more able to manage their accounts. Additionally, trusts can be set up for children and grandchildren with specific ages in which they can access the funds. Most people use trusts because of the many tax benefits.
Wills and Power Of Attorney
It is essential that you have a Will. This document ensures that when you are gone, your wishes will be met. It will set guidelines for the distribution of your assets. It will also provide guardianship information for minor children. A Will is something that no one wants to really think about, but everyone absolutely needs.
A Power of Attorney is a document that gives specific powers to a designated individual to make decisions on your behalf. A Power of Attorney may be given for single issues, such as medical decisions or financial decisions, or for a broad range of matters.
Our law firm is capable of handling all of your estate planning needs. We will work diligently with you to create a plan that is both financially sound and beneficial to you and your loved ones.