Estate planning requires basic documents which will guide those who would then implement the plan at the appropriate time. Without an estate plan, you can be sure your assets will not be distributed as you would have wished.
The cornerstone documents of any estate plan are:
- A Will
- A Financial Power of Attorney
- Georgia Advance Directive for Healthcare*
For most of us, these cornerstone documents need to be tailored to our specific situation. Will "kits", or "store bought" and "internet bought" forms will generally not provide any meaningful estate planning.
If you do not have a will, Georgia's inheritance laws determine who will receive your property and create any number of obstacles which can reduce the value of your estate or allow your property to go to unintended heirs. These obstacles include probate, creditors, court costs, administrative costs, delay, con artists, lawsuits, judgments, uncaring family members, warring family members and death taxes. Having an estate plan and the appropriate documents to implement that plan will help you avoid these pitfalls.
*In Georgia, as of July 1, 2007, the Living Will and Healthcare Power of Attorney were combined into the Georgia Advance Directive for Healthcare.
| There are three cornerstone documents of any estate plan. |