Most financially savvy individuals are aware that they should include estate
planning as a part of their overall financial planning, but too many of
us procrastinate, especially when we aren't sure of which estate planning
documents would best serve our individual needs.
estate planning as a systematic approach to organizing one's personal and financial
affairs in order to deal with the parts of life that we cannot entirely
control such as accidents, illness, mental incapacity and death.
Depending on your individual situation and your family dynamics, your estate
plan will include four or five essential estate planning documents. An
Atlanta estate planning attorney from Meyring Law Firm will be able to assist you in preparing the documents
that you will need for your unique situation.
Taking the Will-Based Approach
If your current situation does not warrant the need for a revocable living
trust, then your estate plan should include the following estate planning
Advanced directive for health care (ADHC)
Power of Attorney
In a will-based estate plan, your will contains a detailed list of instructions
as to how your property shall be distributed when you pass away. If you
have minor children, your will shall appoint a guardian for your children.
The Trust-Based Approach
If your financial and family situation would be well-served by a more sophisticated
estate plan, then your estate plan should include the following estate
Revocable living trust
- Pour over will
- Advanced directive for health care (ADHC)
- Power of attorney
If you create a trust-based estate plan, your pour over will can be used
as a safety net to capture any assets that were not funded to your trust
before your death. Pour over wills contain minimal instructions since
the revocable trust is the principal document governing your estate plan.
Power of Attorney: A general power of attorney gives your agent broad legal authority over
your affairs should you become incapacitated, whereas a special power
of attorney allows your agent to make decisions in limited situations.
Advanced Directive for Health Care: An advanced directive for health care (ADHC) is a legal document where
you can (1) appoint a health care agent, and/or (2) direct the withholding
or withdrawal of life-sustaining procedures such as nourishment and hydration
if you are in a terminal condition or a permanent state of unconsciousness.
Let Us Help You Plan for Your Future
Are you interested in planning for your future? Meyring Law Firm can guide
you every step of the way.
Contact our office today to schedule your free case evaluation by calling (678) 956-7380 today!