IF I GET A DIVORCE DO I NEED A NEW ESTATE PLAN?
Yes. You should review your estate plan with an attorney any time there is a significant change in your life such as a birth, death, divorce or remarriage.
WHAT IS A WILL?
A Will is the most basic estate planning document. If you die without a will your assets will be distributed in accordance with Georgia law and you will miss the opportunity to control their disposition. A will is also one of the most efficient ways to appoint a guardian for your minor children. If you have minor children you should have a valid will in place to protect them in the event of your death.
DO I NEED A TRUST?
Transferring your wealth to a trust can be an effective way to protect and preserve the assets you have accumulated during your lifetime. A trust created during your lifetime or upon your death can provide the necessary flexibility to meet your financial, tax and personal needs.
WHAT IS A POWER OF ATTORNEY AND AN ADVANCE DIRECTIVE FOR HEALTH CARE?
A power of attorney and an Advance Directive for Health Care are an integral part of every estate plan because they allow you to provide guidance and direction to your family or other loved ones about your care and also provide them with the means to carry out your wishes.
- A Durable Power of Attorney should be put in place in order to allow your spouse or other trusted friend or associate, known as your agent, to make decisions and take actions with respect to your finances. This power of attorney is durable because your agent’s powers to make decisions about your finances does not end if you become incapacitated for any reason. Your agent’s power can begin at the time the power of attorney is executed or at a designated future time. The power of attorney granted to your agent does cease at your death.
- An Advance Directive for Health Care allows you to appoint a person to make decisions about your health care if you are incapable of doing so, allows you to make choices about withdrawing or withholding life support and accepting or refusing nutrition and/or hydration, and allows you to appoint someone to be your guardian if a court determines that a guardian in necessary.