Estate Planning: Don’t Prepare to Die—Prepare to Live
If you have assets you know you want to leave to beneficiaries, it is important to consult with an experienced estate planning attorney as soon as possible. Although most of us know this is necessary, it is all too easy to procrastinate. You may consider yourself to be healthy and with many years ahead, but because the financial wellbeing of your family is at stake, you must also be realistic and consider that you could be in an accident, incapacitated, or become suddenly ill.
The living trust will benefit you during your lifetime, allowing you to place assets within, and make changes as you need to, acting as your own trustee. It allows you to avoid probate later, meaning that the state will not be taking over your estate in a time-consuming and expensive court process. You can still make changes in the living trust, but should you become incapacitated or die, all your assets are designated to go to the beneficiaries, as you chose. Not only is this the most organized route, but with the dedicated help of your attorney, it should also be a positive experience and help reduce the potential for conflict within the family later. With the living trust, you can also designate a trustee to succeed you if you are incapacitated—with all your instructions still in place.
You are not limited to just one trust either. You may want to set up a separate trust for a disabled family member, whether they are physically or mentally limited. Not only are you able to protect their inheritance with specific instructions, but you can also leave them assets from the trust without rendering them ineligible for government programs. A trust for your younger children may be necessary, or perhaps a separate one for your spouse. All these trusts can be organized early on, and again, you can make changes as needed, while still knowing that your assets are protected—from creditors and lawsuits also.
As you begin estate planning, however, most likely you will want to begin building a foundation with the will and then moving on to the other important components such as the powers of attorney, advance directive for health care, and more. Contact Scriber Law Group for a free consultation. We can give you the important information you need regarding estate planning and trusts in Georgia, as well as answering any questions.
Call (404) 939-7562 or contact us online for a free consultation.