Estate planning is not just about signing a will

Many Georgia residents and others associate matters of estate with signing a will. While signing a last will and testament is a common part of the estate planning process, there are many other types of documents and issues involved in executing a solid estate plan. It is never too early to learn as much as possible about the process; in fact, for those age 50 and beyond, it is often a crucial aspect of long-term care.

Parents of young children will also want to research how to plan their estates. Designating someone to care for children if parents die or become incapacitated is one of many protections an estate plan can offer. Parents of adult children may also want to consider various powers of attorney they may include in their estate plans.

An aging parent may want to grant permission for an adult son or daughter to make financial decisions on his or her behalf. It is also possible to sign a similar document to allow an adult child to make medical decisions if a parent is unable to do so due to mental decline or other incapacitation. Estate owners who own businesses can also sign documents to ensure that their companies will continue to operate after they die.

Inheritance, asset protection, property transfer and other money matters are common issues of the estate planning process. However, other topics, such as what is to happen if someone is transferred to a nursing home or what state intestacy laws happen to be are equally important but unfamiliar to the average Georgia populace. A way to learn more is to request a meeting with an experienced estate planning attorney.

The following two tabs change content below.

Kevin Tharpe

With 25 years of experience, Kevin understands how estate planning, special needs planning, and government benefits programs work together. This is a crucial element of a thorough plan. He explains your eligibility for benefits programs and ensures that you do not make costly mistakes that may disqualify you or deplete your assets.

Latest posts by Kevin Tharpe (see all)