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Estate planning is a beneficial planning tool that allows you to arrange your estate in case you become disabled or pass on. The process can help your surviving family members avoid misunderstanding, extra court expenses, and attorney fees after you die. By thoroughly working out a proper estate plan, you could safeguard your loved one’s rights to your estate and make sure they inherit your assets after the event of your death.
Estate planning is recommended for clients of all ages, no matter the amount of property and wealth you own. During this process, it is strongly imperative to obtain an Atlanta estate planning lawyer who can inform you of important information, as well as provide valid advice and assistance throughout each phase of the legal process. At Meyring Law Firm, we are committed to using our knowledge of the law and extensive resources to ensure your estate and family’s inheritance are secure.
What Is Involved in Estate Planning?
A comprehensive estate plan involves the drafting of wills, trusts, and other types of planning documents. Our law firm can help you complete various documents that are designed to protect your final wishes and the interests of your loved ones.
Some of the documents you need to include in your estate plan include:
- Will: This document helps you name any heirs you want to inherit part of your estate. A will can also include other information and may be updated or modified at any time.
- Power of Attorney: In this document, you will appoint an agent to manage your finances if you were to become incapacitated. They must act with your best interest in mind.
- Advanced Directive: This document helps to inform others of your healthcare wishes if you were to become incapacitated and can include notes on what treatments to avoid.
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If you have children that are minors, then estate planning is a good opportunity to determine who you would like to take guardianship over your children should you and your spouse pass away. You can also use your estate plan to provide for family members with special needs that receive government benefits. With careful planning, you can make sure the funds from any benefits aren’t disrupted and that your financial assets are distributed to your loved ones, so they have a sustainable financial resource going forward.
If you own a business, an estate plan can dictate the transfer of a business to an appropriate party so that operations can continue unimpeded. A well-constructed estate plan will minimize tax liabilities and unnecessary legal fees that state probate courts bring forward, containing the financial burden that your family can experience upon your passing.
Do I Really Need An Estate Plan?
Many people operate under the assumption that estate planning is only meant for wealthy families who want to figure out how to handle their fortunes. While those with more certainly benefit from having their possessions clearly delineated by an estate plan, you may be shocked to consider the fact that you have an estate regardless of your level of wealth.
Your estate is a composition of everything you own, including major possessions like your home and real estate properties, checking and savings accounts, and your investments, all the way down to physical property like your car, furniture, and personal possessions.
No matter the amount of property you own, everyone has an estate; and controlling an estate’s fate is the entire purpose of estate planning. First and foremost, you should have an estate plan if you want to make life much easier for your loved ones upon your passing. Attempting to sort through belongings without an estate plan can be incredibly messy, and it’s almost an inevitability that courts will wind up involved.
If you don’t have an estate plan, the good news is that your state has one in place for you. The bad news is that most people try their hardest to avoid such an arrangement because it’s often very unfavorable and involves probate courts.
In the event that your estate must be planned for due to disability, the court will typically control how your assets are used to take care of your medical and living expenses through a guardianship or conservatorship. This, obviously, can become incredibly expensive and very time consuming as courts move very slowly. On top of this, it’s very challenging to reclaim an estate upon recovery.
When you must turn to the state to handle an estate upon death, your assets are handled as specified in state probate laws. Typically a spouse and children take precedent in sharing assets, but the shares are determined by the state and may not be enough to sustain onward. In the event that your children are minors, the court will take full control over the terms of their inheritance. In the worst-case scenario, should you and your spouse pass away and you have minor children, the court will appoint a guardian without knowing or considering who you would have selected to raise your children.
State courts are public affairs that act without consideration over your desires. Meeting with an estate planning attorney and preparing an estate allows you to take responsibility for your affairs and have your posthumous wishes carried out as you would like so that your family is well-taken care of going forward.
Call Today to Get Legal Support from Our Team
Don’t have an estate plan in place yet? We encourage you to take action to protect your family, assets, and well-being. At Meyring Law Firm, we are here to help you craft an estate plan that is personalized to your goals and wishes. Our Atlanta estate planning lawyers will take the time to understand your wishes and goals so we can guide you in the right direction for your plan.
Having a plan in place will save your family time, grief, and financial loss that they cannot afford to bear in the tragic time that follows a loss of a loved one. A simple estate plan can go a long way, and by working with an experienced law firm, you’ll find that the process can be painless and straightforward.
Meyring Law brings decades of combined experience to the table, with attorneys that have planned for estates of all sizes and types. We’ll take great care to ensure that no stone goes unturned so that your estate planning is as comprehensive as possible, guaranteeing your family is prepared for the future. Our legal services extend to every scope of estate litigation, and we’re happy to review your situation so we can explain the legal jargon that is so common in estate law and give you the background on what to expect when a loved one unexpectedly passes away.
Meyring Law Firm is extremely professional, ethical, knowledgeable and courteous. I highly recommend their legal services.- Eleanor W.
The services were as described, the process was simple and straight forward, and we’re pleased with the final result.- Quashaunda P.
At the Meyring Law Firm, they answered all our questions and explained the laws in terms that we could understand- Stephen & Cheryl T.
Attorney Meyring clearly cares for individuals who face what can be daunting challenges in a wide variety of Probate Court matters.- Angela L.
I was always made aware of the status of my case. I would definitely recommend the Meyring Law Firm to my friends and family.- Jacob E.