Estate Planning for Young Families in Georgia

Young families have so many responsibilities, plans, and goals. Creating an estate plan is usually not an endeavor that has a high priority, but it should. A complete estate plan protects all the family members in the event of unforeseen events and preserves and protects the family’s assets into the future. At Asset Protection & Elder Law of Georgia, we understand the concerns and goals of young families and help to safeguard the entire family with a sound estate plan.

Documents in an Estate Plan for a Young Family

A complete Georgia estate plan includes a set of documents that address important issues for the spouses and minor children in a young family. Each document is uniquely customized to the circumstances of the family. A plan usually includes the following legal documents:

Last Will and Testament

A will is a crucial part of virtually every estate plan. An individual’s will accomplishes a number of significant goals, including designation of the executor of the estate, who handles the estate after the person’s death following appointment by the probate court.

A will may also make distribution of estate property to beneficiaries named in the will. A gift made in a will transfers entirely and directly to the beneficiary after the will is probated. In some situations, however, other methods of transfer (such as a trust or joint ownership) may be more beneficial. That is one primary reason why working with an experienced estate planning attorney is extremely important.

If a Georgia resident dies without a will, state inheritance laws determine who administers the estate and receives the property. Other potential benefits of having an estate plan (such as avoiding probate) are not available when a person does not have a will.

Guardianship of Minor Children

If a family includes minor children, the will provides a mechanism for the parent to nominate their choice of a guardian. If tragedy strikes and both parents cannot care for a child, the court strongly considers that nomination when appointing a guardian after a hearing.

In the absence of a provision in the will naming a guardian for a child, that decision may involve court proceedings that are costly in terms of time and money, and also cause unnecessary and potentially severe emotional stress on the children and other loved ones. In some situations, family members do not agree on who should be responsible, which creates an even worse situation for everyone.

Trust

Some family estate plans include a trust to protect and distribute finances. A trust can have benefits and advantages that other distribution strategies (such as a will) do not. Trusts are not only for people with substantial financial assets. Using a trust can be beneficial in accomplishing many special goals as part of an estate plan, regardless of the amount of assets in an estate.

The specific type of trust depends on the family’s circumstances. Guidance from a knowledgeable estate planning and trusts attorney is essential in establishing a trust.

Power of Attorney and Advance Directive

Every Georgia estate plan should include a durable power of attorney for financial matters and advance directive for health care. These documents designate trusted persons to be responsible for managing finances and making health care decisions in the event of incapacity of the individual creating the estate plan. Without these documents, these designations may end up in court proceedings, with a judge making the decisions without any guidance from the person who is incapacitated.

Other Estate Planning Considerations

In addition to drafting customized legal documents, a knowledgeable estate planning attorney addresses other related issues, such as ensuring that beneficiary designations in retirement plans, insurance policies, and other accounts are consistent with the terms of the estate plan. This aspect of estate planning can be overlooked and can lead to significant problems if it is not addressed.

Estate planning attorneys also review title documents and account designations for assets that have documentation or some type of shared ownership, to make certain that those assets are consistent with the provisions of other documents in the estate plan. If asset documents conflict with provisions in the estate plan, problems can arise in administration of an estate.

Minimizing tax burdens and preserving wealth are also critical estate planning goals. An experienced attorney draws on powerful tools and strategies to address tax and other potential liability issues, while conforming with the requirements of federal and state law. Finally, after an estate plan is in place, it is essential to remember to update the documents to keep the plan current and maintain ongoing protection for all members of the family.

Talk with an Experienced Georgia Estate Planning Attorney

Our Cartersville estate planning practice at Asset Protection & Elder Law of Georgia focuses on helping clients identify and accomplish their estate planning goals by determining the right approach for their personal and financial circumstances. For young families, we ensure that the clients identify and address all of their concerns in a complete estate plan that fully complies with Georgia laws.

We serve clients throughout the communities northwest of Atlanta, including in Bartow County, Cobb County, Cherokee County, Gordon County, Floyd County and Paulding County. To schedule a consultation, contact us through our online form.