When considering creating an estate plan in Georgia, there are many things to think about and contemplate before making concrete decisions about your assets. While any choice you make about your assets can be changed along the way—as people, health, and finances change—you never know when you may pass away. For this reason, it is important to get it right the first time and ask yourself the following critical questions when creating an estate plan, including:
- What assets are in my name and what assets do I jointly own?
- What are the approximate values of my assets?
- Who would I want managing these assets during my lifetime if I am unable to?
- Who should make my decisions regarding my health care as well as business and financial matters if I become unable to during my lifetime?
- Who should manage my assets upon my death? Who do I want as the successor trustee of my trust and executor of my will?
- How will my executor and successor trustee pay my taxes and debts if any are due?
- Who would I want receiving my assets?
- How should I distribute my assets among my beneficiaries?
- Who would I want taking care of my minor children?
- Do I need to select a guardian for my minor child who will inherit my benefits?
- Who do I want receiving the proceeds of my retirement benefits and life insurance benefits?
- How can taxes against my estate be minimized?
Because there are so many questions to mull over, it is best to seek the advice of a skilled Peachtree City estate-planning lawyer to help you create an acceptable estate plan that you are happy with and which will ultimately protect your assets and your heirs. The Law Offices of Shane Smith can be reached at (770) 487-8999 for estate planning help in Georgia today.