Regardless of the size of your estate, everyone should have an estate plan. A good estate planning lawyer Marietta GA can help you create a plan that fits your family needs.
For example, many people have children that they worry will squander their inheritance. Having a revocable living trust can prevent this from happening.
Wills
Many people assume that wills and estate plans are only for the wealthy, but everyone should have an estate plan. Even those with a modest estate should establish powers of attorney, property transfers and beneficiary designations on insurance policies and retirement accounts. By taking these precautions, your loved ones will be less burdened in making difficult decisions on your behalf.
A lawyer can help you create a will and other legal documents that make your wishes known when you pass away. In addition, an attorney can assist you with a variety of other estate planning matters such as trusts, probate and guardianships.
When choosing an estate planning attorney, it is important to find someone who makes you feel comfortable. This is especially true since you may have to discuss highly personal information with your attorney. Additionally, your attorney will likely draft legal documents for you that must be signed under specific guidelines in order to be legally binding.
Another factor to consider is the attorney’s experience. The best estate planning attorneys will have extensive experience in the areas of trusts, wills and power of attorney, as well as other facets of estate planning. It is also a good idea to hire an attorney who has passed the bar in your state and who is knowledgeable of local laws and probate procedures.
An experienced lawyer can help you determine the best way to distribute your assets and property and can ensure that your family members are taken care of after your death. He or she can also provide guidance on issues related to elder law, including avoiding nursing home abuse and providing care for disabled or incapacitated family members. As a member of the “sandwich generation” himself, Steve Worrall understands the challenges facing people as they raise children and care for their aging parents. He can help you create a comprehensive plan to address your needs and concerns.
Trusts
A trust is an instrument that gives a trustee (typically the testator or grantor) authority to oversee and manage property and assets for the benefit of a beneficiary (a third party). Trusts can also help you avoid probate and lower taxes. They can even allow you to set up stipulations for inheritances, like funding your children’s college education or purchasing their first home.
Our lawyers can help you develop a comprehensive estate plan that takes into account your specific goals and situation. We can explain the distinction between a will and a trust, as well as any other legal documents you may need to create a complete estate plan.
Trusts are typically created in a will or separate document, known as a trust agreement or deed. These formal documents clearly identify the settlor, the trust property, the trustees, and the beneficiaries.
Many individuals choose to use trusts because they are a tool that can be used to provide for the needs of minors who don’t have the capacity to enter into a binding contract. In addition, there are certain circumstances where trusts can help people preserve their wealth while still qualifying for Medicaid in later years.
Other uses of trusts include protecting valuable antiques, real estate holdings in multiple states, and gifts to non-citizens. An experienced Georgia estate planning attorney can advise you of the advantages and disadvantages of each type of trust. Our lawyers can also help you address issues that could complicate the process, such as estranged family members or “his” and “hers” children. Creating a trust with the guidance of an experienced lawyer can help you avoid unnecessary complications and hurt feelings. Contact us today to get started.
