How to Prepare For Your 2024 Estate Planning Goals
With the end of the year quickly approaching, there is no better time to start preparing your 2024 estate planning goals. Every day, we plan, whether it be a work project or an upcoming vacation. One inevitable part of life is growing old and passing away. While everyone will face this at some point, many people do not plan for the future. Unfortunately, when someone passes away without an estate plan, this leaves their loved ones confused and can sometimes lead to fighting with the state and each other. Speaking to a Georgia estate planning attorney is ideal to avoid these outcomes.
The Importance of 2024 Estate Planning Goals
Estate planning is similar to a road map for your future. It will outline your medical preferences, how your assets will be handled, and your loved ones' future. You are laying out the foundation for your affairs so your family does not have to make complex decisions. It also helps distribute assets and provide a financial foundation for your family. You can express your desires to your family, but estate planning is a legally binding agreement. Some of the documents you may include when estate planning are:
Revocable living trust
Last Will and Testament
A durable power of attorney
Georgia advance directive for health care.
When you have a consultation with a Georgia estate planning attorney, they can guide you on the documents and planning that fit your needs.
Questions to Ask Yourself
When establishing your estate planning goals, you should ask yourself some questions. The answers to these questions can impact what you will need. Address the following questions with your Georgia estate planning attorney:
Who will get your assets?
Who is in charge of your estate planning documents?
Is a living trust right for me?
Have any relationships changed since my last estate plan?
How old is the durable power of attorney?
Where is the funding for your trust?
Is there an estate planning letter of instruction?
Is there a digital estate plan?
Your current age should not be a deterrent to your estate planning goals. Estate planning is not exclusively for the elderly. Anyone, regardless of age, can benefit from an estate plan. Your age is a factor in how your plan will look, but not whether you should get one. You can meet with a Georgia estate planning attorney at any time to establish your estate planning goals.
Who to Include in Your Estate Planning
When considering estate planning, you will want to involve the right people. After all, you are making these plans for your family's future. When crafting your estate planning goals in Georgia, consider it if you have minor children. When you have minor children, you will want to consider a guardian for them if you pass unexpectedly. Appoint a guardian once you have a conversation with the person. If you do not appoint a guardian, then the state will do so for you.
Another tip when choosing who to talk with is to speak to anyone you will include in your estate planning documents. Often, these are close relatives and family members, including:
Spouse
Children
Parents
Siblings
Friends
Before you inform them of your plans, have it laid out. You may not have the legal documents ready yet, but you should have a plan for your assets and future. Be transparent as possible. In some instances, you may want to keep the details of the finances under wraps, but be forthcoming about who will get what should the unthinkable happen.
Revisiting Your Estate Plan
Often, circumstances change, and you will have to revisit your estate plan if they do. Sometimes, people create an estate plan and do not think about it for several years. You may even forget what is in it. You should review your Georgia estate plan and make changes after a significant life event. Some qualifying life events that can make you revisit your estate plan include:
Separation
Divorce
Marriage
Birth
Death
Relocation
Tax law changes
You should get into the habit of revisiting your estate plans every few years. Even if you do not make changes or have a significant life event, you should ensure the information is accurate. You may acquire additional assets that you want to include. Speak to your Georgia estate planning attorney to revisit your plan and make changes.
Do I Need a Trust or Will or Both?
These are two of the most significant aspects of Georgia estate planning. They are pivotal for your plan, and they serve different purposes. A will outlines what happens after you pass. Conversely, a trust takes effect while you are still alive. It can facilitate the transfer of assets. There are different types of trusts you may need in your Georgia estate planning, including:
Irrevocable Trust
Revocable living trusts
Credit shelter trusts
Life insurance trust
Special needs trust
Generation-skipping trusts
Each trust will address different issues, which may not apply to your specific circumstances. You can often establish a will and a trust with the help of your Georgia estate planning attorney.
Do You Have a Power of Attorney?
A durable power of attorney places financial power on another person. You will name the individuals managing your finances if you become incapacitated. You can provide as little or as much power to the individual as you choose. You will also outline when they take over. A durable power of attorney ends upon your passing. This is a contingency plan in case something happens to you while you are alive that leaves you unable to make decisions. Once you pass, other legal documents will come into play as part of your estate planning.
Are You Prepared for 2024? Why You Need an Estate Planning Attorney
If you need assistance creating or revising your will or estate planning documents, Gwinnett County estate planning attorney Jammie Taire and the SmithTaire Legal team can help. We educate our clients on their estate planning options and ensure their final wishes are legally binding. Call us at 678-253-8133 if you have questions about your estate planning or wish to meet with an experienced Georgia Estate Planning Attorney.
