Estate planning in Georgia is easier than you might think. It allows you to take control over your estate and ensure that your wishes are met. You can also decide who will inherit your property and assets once you’ve passed away. There are a few documents you need for planning your estate.
Your will is one of the most important documents to have during estate planning. It allows you to decide where your assets will go after your death. Your will names a person to serve as executor of your estate. This is a personal representative who will oversee your financial affairs such as paying bills and filing taxes.
Durable power of attorney
A durable power of attorney is a document that allows you to choose a trusted person to make financial and legal decisions on your behalf if you are unable to so yourself. Per estate planning, the power of attorney will make sure that your wishes are met if you become incapacitated. It can help to avoid squabbles among your family members and take the burden off them as well.
A healthcare directive is a document you will want included in your estate planning. It allows you to have your wishes met in various medical situations. For example, if you decide to have a do not resuscitate or DNR order, medical staff will uphold that and will not try to perform lifesaving efforts if you become gravely ill.
Part of estate planning is to have beneficiary designations. You will want to leave certain assets and accounts to specific family members. It’s important to regularly update your beneficiary designations in case something happens such as a death, divorce or remarriage. In other words, if you are leaving your retirement accounts to your spouse but end up divorcing, you will want to remove them as a beneficiary. If you remarry, you’ll want to add your new spouse as a beneficiary.
These documents should always be included when planning your estate. You may want to add more documents depending on your needs and wishes.