Georgia Estate Planning Frequently Asked Questions
Our Gainesville estate planning attorneys have helped generations of families throughout North Georgia create estate plans designed to preserve wealth and avoid probate. For specific guidance regarding your estate, we encourage you to call Hunt & Taylor Law Group, LLC, at 770-999-0272 or send us an email inquiry. We offer a free initial consultation.
Following are some of the more common questions we hear with regard to estate planning in Georgia:
How can my estate avoid probate?
The probate process takes time and can be a significant cost for an estate. However, estate assets can be kept out of probate and otherwise distributed to beneficiaries of your choosing if you title the assets to one or more trusts. There are many types of trusts that can be used for different purposes, including avoiding probate and minimizing tax obligations. For more on the different types of trusts, please see our overview of creating wills and trusts in Georgia.
What should my estate plan include?
Your estate plan should be tailored to meet your specific needs and those of your family. A comprehensive estate plan will include multiple items, which may include:
- A simple will or a complex will: for example, a pour-over will that effectively complements a trust that you create
- A financial power of attorney, which lets you name a trusted party to handle financial matters in the event that you become incapacitated
- A trust (or multiple trusts, depending on your goals and the complexity of your estate)
- A living will / power of attorney for health care, or an advance directive for health care
IMPORTANT: A will is an important document in any estate plan. If you die intestate (without a will), your estate will be distributed in accordance with Georgia probate laws. That may not be how you would like your estate distributed, and not having a will upon death can result in heartache and confusion for family members. In other words, we encourage you to work with us in drafting a will if you have not done so already. We can also review your existing will to ensure that it is enforceable.
When should I update my estate plan?
There are many circumstances and life changes that should prompt a review and update of your estate plan. Those changes in circumstances include:
- Getting married or divorced
- Starting a business
- Becoming a parent
- Receiving an inheritance
- The death of a spouse or other loved one or dependent
- Moving to Georgia from another state
- The decision to benefit a charitable cause
Every family is unique. If you have questions about your specific situation and whether you need to update your estate plan, our estate planning and probate attorneys are available to answer your questions.
What is Medicaid planning?
Medicaid is available to people with limited assets. With the right planning, Medicaid can be used to help cover the cost of long-term care or nursing home care, which can be very expensive and quickly deplete the value of an estate. Our attorneys can explain your options for using trusts, gifts to family members and other strategies in advance of the need for long-term care so that you can qualify for Medicaid someday. We can also advise with regard to Health Savings Accounts (HSAs), retirement planning and when to apply for Medicare, which is the publicly funded health care plan that most American retirees rely on. All of these considerations may be factors in long-term care and Medicaid planning.
What is the difference between a will and a trust?
A will and a trust are legal documents that serve different purposes. A will outlines how the distribution of assets after passing, while a trust allows for the management and distribution of assets during lifetime and after death.
What is a living trust, and how does it work?
Creating a living trust can streamline asset distribution and avoid probate. This type of trust enables individuals to transfer assets into it and manage them as they wish.
How do I choose an executor or trustee?
Selecting an executor or trustee is crucial for making sure that the management of an estate is according to your wishes. The chosen individual should be a responsible, organized and trustworthy adult who is able to make sound financial decisions.
What are digital assets, and how should I include them in my estate plan?
Digital assets, such as online accounts and cryptocurrencies, are an increasingly important part of estate planning. These assets should be in your estate plan to ensure that their management and distribution are according to your wishes. Our attorneys can help you navigate the process of including digital assets in your estate plan and ensure the fulfillment of your wishes.
How can I protect my estate from creditors?
Creating a trust can potentially shield your assets from creditors. It can also ensure the distribution of your assets according to your wishes rather than allowing creditors to seize them.
What are the benefits of charitable giving in estate planning?
Charitable giving can be a meaningful way to leave a lasting legacy and reduce tax liability. You can incorporate charitable contributions into an estate plan to align with your values and goals.
How does estate planning differ for blended families?
Estate planning for blended families requires careful consideration of the unique needs and dynamics of the family. The estate plan should take into account the spouse, children and stepchildren to ensure the protection of everyone’s interests.
How can estate planning help with business succession?
A well-planned estate is essential for ensuring a smooth transition of business ownership and management. Our lawyers can provide guidance on how to incorporate business succession planning into your estate plan, ensuring the protection of your business and legacy.
What is the role of life insurance in an estate plan?
Life insurance can provide liquidity and financial security for beneficiaries, making it an important consideration in estate planning. By including a life insurance policy in your plan, you can ensure the care of your loved ones after you pass away.
How do state-specific laws impact estate planning?
Georgia’s laws, such as those related to wills, trusts, probate and estate administration, can impact the effectiveness of an estate plan. The state has specific rules governing the validity of wills, the appointment of executors, probate procedures and the distribution of assets. Understanding these laws is crucial to creating an estate plan that caters to your goals and complies with Georgia’s legal requirements.
What happens if I become incapacitated without an estate plan?
Without an estate plan, incapacitation can lead to uncertainty and potential disputes, and others will make decisions on your behalf. Having a plan in place, including provisions for incapacity such as a financial power of attorney or advance directive for health care, helps ensure that your wishes are respected.
How do I plan for the care of minor children in my estate plan?
Planning for the care of minor children is a critical aspect of estate planning. Appointing a guardian and establishing a trust to manage your child’s inheritance can help ensure their well-being and financial security.
Contact Hunt & Taylor Law Group, LLC, For A Free Consultation
For a free consultation, please call us in Gainesville at 770-999-0272 or complete our contact form. Our Georgia estate planning attorneys advise and represent clients throughout Hall County and the surrounding areas.