ESTATE PLANNING AND PROBATE

If you died tonight, are you certain that your estate will be distributed as you desire? Does your family clearly understand your wishes and what your final plans are? Any ambiguity in your final plans is likely to cause stress and disagreements among your heirs. A clear and precise estate plan is the best way to prevent disagreements from occurring.

Probate law is complicated and differs by state and circumstances. Unfortunately, many generic will forms and software programs either don’t account for these differences or are not up to date with the current laws.  Often, wills drafted using on-line forms and software won’t hold up if contested, or worse yet, are ambiguous and can be interpreted in a way contrary to your wishes.

While having a will and estate plan created may cost a few hundred dollars now, a clear, well-drafted will protects your loved ones from the heartache of family strife and complicated court proceedings, as well as saving thousands of dollars in court costs.

Without a proper estate plan:

1. 1. 1. Only 1/3 of your property will go to your spouse, the other 2/3 will go to your children in the State of Georgia. For example, if your house is in your name alone and you die before your spouse, your wife and children will own your residence (with your spouse owning the minority share).  Your home will have to be sold to pay everyone their share or your spouse will have to buy them out. A properly executed Will, or in some cases living trust, will avoid this unnecessary problem.
      2. If you have children under 18, the court will decide who raises your children and who will control their money.  This process can be very time-consuming and costly.  Your kids will be in limbo if both parents pass.  A Will, properly prepared by an experienced attorney, avoids this problem by naming a Guardian to care for your children and a Trustee to manage their money.
      3. If you are incapacitated, no one can manage your assets for you or make decisions for you until the Probate Court has declared you incapacitated and appointed a guardian. Appointing a Guardian will be a very difficult, expensive and time-consuming process.  During this time, you would be unable to pay important bills or you could be persuaded to purchase items you don’t need.  You also have no input over who gets control over you. A Durable Power of Attorney for Property appoints the person you’d like to manage your affairs when you can’t.
      4. If you are incapacitated, your health care decisions are left up to chance. A Healthcare Directive will allow a person, or persons, that you trust to make these important decisions.  In addition, your family will be comforted to know your wishes concerning continuing or discontinuing life support.

Death itself is difficult enough for your family. Don’t make it harder by being caught unprepared. Contact us today to schedule a CONSULTATION on how to protect yourself, family, and assets in the case of death or prolonged illness.