National Estate Planning Awareness Week October 17 - 23, 2022
Did you know that National Estate Planning Awareness Week is October 17-23, 2022? Whether you already have a will in place, or need to start from scratch, now is a great time to meet with an experienced Georgia estate planning attorney from SmithTaire Legal and review our estate planning checklist.
Only 33% of Americans Have a Living Will or Trust
In an alarming statistic from Caring.com, only 33% of Americans have a living will or trust to their names even though more than 50% of Americans believe that estate planning is somewhat important. One of out every three Americans who do not have a living will or trust said that they believed they did not have enough assets to leave to heirs.
Are you ready to create a will and other estate planning documents? If so, it is time to call Georgia estate planning attorney Jammie Taire from SmithTaire Legal to schedule an appointment.
Download Our Free Estate Planning Checklist
When the time comes to create a will, living trust, irrevocable trust, or any other estate planning document, you should download and review our Estate Planning Checklist: 5 Steps to Protect Your Assets and Your Family.
Be sure you have all of the following 10 legal documents in your current estate plan or when you create one for the first time:
A last will and testament
A revocable living trust
Beneficiary designations
Advance healthcare directives
Financial power of attorney
Insurance policies and financial information
Proof of identity documents
Titles and property deeds
Digital logins and passwords
Funeral instructions
Last Will and Testament
The last will and testament is the first place to start when building an estate plan. This document will explain who is to receive your intangible and physical assets. For example, you can list properties, vehicles, and pieces of jewelry in the will and outline which family member will receive them.
The intangible assets include bank accounts, savings accounts, stocks, bonds, crypto currency, and other items. Beneficiaries can be family members, friends, charity organizations, and anyone else you deem appropriate.
What is a Revocable Living Trust?
A revocable living trust is a great way to ensure where property goes after you die, but also lets you use that property while still alive. While this type of trust requires more maintenance compared to a will, it ensures that the assets in it will not go through probate.
Who Are Beneficiary Designations?
There are a handful of assets that can skip the probate process so long as they have the proper beneficiary designations listed. The accounts that often skip probate include life insurance policies, pensions, and 401(k)s. Each one of these accounts must have a beneficiary listed on the legal documents in order for them to skip probate and go directly to your heir.
Advance Healthcare Directives
In the event that you are ever incapacitated, an advance healthcare directive gives someone the authority to make medical treatment decisions on your behalf. An advance healthcare directive has two elements: the medical power of attorney and the living will.
The living will must include the following:
Treatment options you will endure
Medication you are willing to take
Surgical procedures
How care will be handled at the end of your life
Financial Power of Attorney
You can give someone you trust the legal authority to manage your finances if you become incapacitated. This is known as the financial power of attorney. The financial power of attorney can pay your bills, make deposits and withdrawals, ensure your family is supported financially, and pay for medical care while you are incapacitated.
Call a Georgia Estate Planning Attorney Today
Are you in need of a thorough review of your estate plan documents? Do you need to create a will or irrevocable trust? Call the office of Georgia estate planning attorney Jammie Taire at SmithTaire Legal at (678) 253-8133, or submit our contact form to schedule a consultation with a Georgia estate planning attorney today.