There are many reasons to plan your estate. Here our top 5 that we at the Riddle Law Group, LLC, in East Cobb / Marietta, Georgia think apply to the most people:
- Transfer of Wealth. You worked hard to build your assets and you want to be sure they move to the right person or persons when you die. For example, most people believe if they pass without a will their spouse inherits everything. That isn’t true in Georgia if you have children, and the only way to be sure your spouse gets everything is with a will.
- Disability Planning. What if you get dementia or Alzheimer’s? What if you are in the hospital for a prolonged period? Who will manage your affairs? Who will manage your healthcare. A financial power of attorney and a healthcare directive are critical documents you must have as you age.
- Probate. With a well written will, probate in Georgia is a reasonable process. Without a will, probate is more costly and more difficult. And as discussed in 1 above, it may not result in the distribution of assets you desired.
- Taking Care of Children. If you have minor children, who will raise them if you pass? How will the money you leave for them be handled? This can and should be resolved in a proper estate plan.
- Non-Probate Assets. Many assets will pass outside of your estate (i.e., IRA accounts, life insurance proceeds, etc.), but that doesn’t mean they shouldn’t be accounted for as part of a comprehensive estate plan. That trust drafted for your child in your will does you no good if your life insurance proceeds are payable directly to your children. We at the Riddle Law Group, LLC, will help you get the details right.
Call us for a free consultation at 678-905-3032 or email us by clicking here.