What Everyone Should Know About Estate Planning & Homegoing Services
Attorney Jammie Taire from Smith Taire Legal was a panel guest on a Gwinnett County Alumnae Chapter presentation hosted by Delta Sigma Theta Sorority, Inc. This presentation will walk you through everything you need to know about estate planning and homegoing services. It is essential to understand that both of these topics should not be something you are afraid to consider. Estate planning is an action plan, and homegoing services is a specially prepared and thoughtful plan to let your family know your final wishes.
You can watch the entire presentation by clicking on the link or video below; the highlights are also summarized in the article below.
Watch the Presentation: What Everyone Should Know About Estate Planning & Homegoing Services
Estate Planning in Georgia.
Planning is one way to create a secure future for you and your loved ones. With a good plan, you can rest easy knowing that your family will be cared for and your property will pass on to your intended beneficiaries.
What are the three most essential documents you need for estate planning?
The three most essential documents you need for estate planning are the following;
A Will.
A Durable Power of Attorney.
What is a Will?
A Will is a written document that permits you to state how you want your property or estate distributed, mane an Executor to distribute your property, pay debts and taxes, and handle other business affairs to settle your estate.
In Georgia, in order to have a valid Will, it must satisfy three requirements;
The capacity to make a Will
A Will must be in writing
Properly signed and witnessed
With a valid Will;
You can choose who will inherit your property
Who will administer your estate
who will care for your minor children
You can even create a testamentary trust through the Will
It is essential that you speak with the individual that will be a part of your Will because it is a critical responsibility.
What happens if you do not have a Will?
If you do not have a will in Georgia, your property will pass according to the laws of intestacy. It's important to note that you will still have to go through probate. A will does avoid probate.
What is a Durable Power of Attorney?
In a general power of attorney, your power of attorney agent will have broad legal authority over your affairs. In a special power of attorney, your agent will make decisions limited to only a few situations. Therefore, be very careful as to who you appoint as your agent. You can also put limitations on your agent. For example, if you don't have a POW, then the court may be forced to appoint someone to handle your affairs until you are able to.
A Power of Attorney must meet all four of the following basic requirements for power of attorney in Georgia:
It must be signed by the principal.
One or more witnesses must sign it.
It must be signed by a notary public or other person authorized to administer oaths. The notary may not be a witness.
The principal, witness, anyone signing for the principal, and the notary must all be present when they sign.
What is an Advance Directive?
It is a power of attorney that gives the person who designates (your agent) broad powers to make health care decisions for you, including the power to require, consent to, or withdraw any personal care or medical treatment for any physical or mental conditions and to admit to or discharge you from any hospital, home or other institutions.
Why do I need an Advanced Directive?
What happens if you experience a catastrophic accident or illness that leaves you unconscious or unable to communicate? How do you make sure your wishes about your medical care are known? Having an advance directive is the answer.
What is a Trust?
A Trust is a separate legal entity a person sets up to manage their assets. Once assets are put in the Trust, a person (the trustee) manages those assets. In addition, the trustee must manage the assets defined in the Trust. A Trust has many of the same benefits as a will. However, the difference between a trust and a will is that a trust takes effect upon execution. A trust can also avoid probate, and it can also be more expensive than a will.
The most common types of Trusts
Testamentary Trust
Revocable Trust (Also called a living trust)
Irrevocable Trust
Special needs trust
How do I avoid probate?
Here are some probate hacks to help you avoid probate;
Review of deed (joint tenant with right of survivorship
TOD (transfer on health) or POD (payable on death)
Naming a beneficiary
Creating a trust
How to prepare for your Homegoing Services
Planning for your end of life is never an easy thing. However, it is important to prepare for your final wishes and ensure your family is also aware of your final wishes. One of the things you should do to prepare for your Homegoing Services is complete a funeral planning guide. You can receive or pick up a planning guide from a funeral home. It is crucial to write everything down in addition to your Will and keep your planning guide somewhere safe, essentially with your Will.
The funeral planning guide will ask for the following information;
Family history
Your Will information
Your life insurance information
Your bank details (not account numbers)
Your assets, debts, and bills
Additional financial information
Are you looking for an experienced estate planning attorney to help you will your Will, Durable Power of Attorney, and Advanced Directive?
If you need assistance creating or revising your estate planning documents, Jammie Taire and the Smith Taire 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.
Contact Georgia estate planning attorney Jammie Taire at SmithTaire Legal for more information. Call our office at (678) 253-8133, or submit our contact form to schedule an appointment.