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Five Key Topics to Cover While Planning Your Estate

Hopefully, you’ll find the right Peachtree City lawyer who has extensive experience handling probate matters for people living at all socio-economic levels.                                                                                                                              Here are some critical subjects you must discuss with your attorney if you want to provide properly for all of your family’s most important needs.                                                       Five Major Estate Planning Topics You Must Address

  1. You'll need to know all that’s possible about all of your assets and debts. Although you may believe you own full legal title to various assets, your Peachtree City attorney may need to review various deed records, stock certificates and all of your recent financial statements (including your most recent tax filing) to fully understand all of your assets (and debts).  Only once all of this has been fully documented, you can begin deciding how to leave your estate to others in the future;
  2. You must be willing to learn about the strengths and weaknesses of various estate planning tools. Be sure your lawyer explains how specific types of trust accounts and other legal documents can benefit your estate in the long run;
  3. You’ll have to plan for all of your own future medical needs and those of your family. You should seriously consider obtaining: (1) A Medical Power Of Attorney; (2) an Advanced Directive [which “spells out” which end-of-life medical treatments you’re willing to endure]; (3) Long-term health care insurance (in addition to the best regular medical insurance you can afford) and (4) Some type of special medical insurance plan that can help you [if and] when you become too disabled to manage everything on your own.  Of course, you should also consider having Guardianship and Durable Power of Attorney documents also drawn up;
  4. You must give very serious thought to the needs and future dreams of your intended beneficiaries. If some individuals have much more serious needs than others, explain to your healthier (and wealthier) relatives why you feel morally compelled to leave more funds to those with greater needs. Likewise, if you can afford to help someone get further education so they’ll have a meaningful career they can count on in the future, ask your attorney how you should arrange for this type of gift;
  5. Ask your attorney to explain which life events should always alert you to the need to update your estate plan. Obviously, such events as getting divorced, remarrying, or having more children should always remind you to update your estate plan. Likewise, many other issues –such as someone’s serious decline in health – or even the positive experience of personally inheriting a lot of new money -- should always make you rethink and redraft your financial plans for the future.

 

To obtain help with satisfying all of your Georgia estate planning needs, please contact the Law Offices of Shane Smith today.  You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.

 


Shane Smith
Advocate for the Seriously Injured in Georgia