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Wills and Trusts
Safeguard Your Final Wishes
Before you pass, you want to be sure that your family and loved ones are cared for and that the legacy of your assets will be distributed how you see fit. Wills and trusts legally guarantee that outcome, and Elder Law of Georgia, P.C., is here to help you obtain the peace of mind that comes in constructing this legally binding portion of estate planning.
Why Draft a Will?
Most people know they should draft a will, but many people also delay the process of creating one. The reality is, people of all ages should have a will. If you own any property or assets, it is a good idea to legally protect them.
Why Create a Trust?
A trust is another element of an estate plan that you may want to consider. A trust allows you to transfer ownership of certain assets without passing them to an heir through a will. Assets passed through a trust do not need to be probated, so they avoid estate taxes that would lower their value.
NEED TO KNOW: WILLS
Draft Early, Change When Necessary
Even if you already have a will – and you may draft one at any age – it is very important to update this document throughout your life. It allows you total control over your assets and important aspects of your future.
Wills Are Exhaustive
When you come to our offices in Hall County to draft a will, Elder Law of Georgia experts will work with you to determine:
- How your assets will be distributed when you pass away
- Who will make decisions for you if you become incapacitated
- Who will care for your children (if they are minors) if you pass away or are incapacitated
- Who will act as your executor and help to resolve your estate
What If You Die Without a Will?
If this occurs, you cannot control how your estate is distributed. The entirety of your assets will not automatically go to your spouse. Your spouse will receive a third of the estate at a minimum. If you have one child, your spouse and child would each receive half. If you have two children, your spouse and the two children would each receive a third of the estate.
Difficulties For Remaining Loved Ones
Georgia has laws about all these aspects of your estate if you fail to leave a legally enforceable will behind. Your wishes will not be recognized if they are not stated in a will, and it will be much more difficult and expensive for your loved ones during the probate process.
NEED TO KNOW: TRUSTS
Versatility and Privacy
Trusts are multipurpose legal tools designed to address several specific financial and personal goals. They allow you to pass down assets, while avoiding the complex web of probate.
Other Benefits
Trusts can offer you and your beneficiaries tax efficiency – trusts can minimize state and federal estate or gift taxes, maximizing the amount passed down. Trusts can also protect your beneficiaries’ inheritances from creditors, lawsuits, or mismanagement.
Ideal for Helping Special Needs
Trusts offer an effective method of providing for minors or dependents with special needs – without jeopardizing their government benefits. Learn more about Special Needs Trusts.
Types of Trusts
Trusts are not a one-size-fits-all option, but their flexibility can be put to many uses. Types of trusts include
- Living trusts
- Charitable trusts
- Trusts for special needs
- Testamentary trusts
Our attorneys can help you understand your options and build a plan customized to you.
Why Elder Law?
Located in Hall County, the experts at Elder Law of Georgia offer a unique blend of knowledge and commitment to service in all our estate planning pursuits. Led by founding attorney Eric Owens, we answer all your questions and help you gain peace of mind about the future – for yourself and your loved ones.
Remove the Burden of Your Care
At Elder Law of Georgia, P.C., our attorneys have drafted hundreds of estate plans that uphold our clients’ wishes for their future. To learn more about beginning or updating your estate plan – including a will or trust – please call 678-971-4971 or fill out our online contact form. Our office is in Gainesville, but we serve the entire Hall County area.
Begin Planning Today
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