Planning your estate is a process which goes beyond merely having a will. While a will is a crucial part of your estate planning so that it is thoroughly protected and have your wishes honored, you need a few more pieces in place. “Estate planning protects you and your possessions, giving your family vital peace of mind in their hour of crisis,” says Charles C. Bratton, estate planning attorney for Bratton Law.
Here is an estate planning checklist that you can use to make sure that you have covered all of your bases.
Table of Contents
Create a Will
A will lets your survivors know who gets your property, and advance directives in Georgia who will care for any children if both you and your spouse are deceased. If you have minor children who will inherit, you may also want to name an adult to manage those assets until they become of age or establish a trust to protect them.
Create a Living Will
A living will, sometimes also called an advance health care directive, instructs your family and doctors how to handle medical decisions when you cannot make them on your own. You can also give someone medical power of attorney to make these decisions for you. A living will also states your wishes regarding organ donation, and what you want to happen to your body after death.
Draft a Durable Financial Power of Attorney
A financial power of attorney enables you to give someone authority to handle your finances and property should you become unable to manage them. Deciding who should get this power and when it should activate is a crucial decision.
Set Your Beneficiaries
Naming beneficiaries on your accounts and retirement plans makes it very simple to transfer those assets immediately upon death without going through the courts. Note that these will override any wishes in your will!
There are other factors to consider like business protections, funeral expenses, taxes, and life insurance. Having these documents ready will make handling the legal aspects of your death far more manageable for your survivors.
