It’s common for people not to have an estate plan in place for any number of reasons. Facing one’s own mortality is a difficult thing to do. Delaying action based on the belief that there is plenty of time is common, as is being unsure or hesitant over the time and costs involved in creating the proper documents with an estate planning attorney. Regardless of the reason, it’s quite important to meet with an Estate Planning Attorney to discuss putting an estate plan in place for both your benefit and the benefit of your loved ones.
Most people know what a Last Will & Testament is, but there are other documents that may be beneficial and vital, such as an Advanced Healthcare Directive and a Durable Power of Attorney. A Last Will & Testament, Advanced Healthcare Directive, and Durable Power of Attorney are considered the documents that comprise a basic estate plan. However, every person and situation is different, accordingly, every plan should reflect an individual’s unique circumstances. Our Athens estate planning attorneys can help you with your unique circumstances.
An Advanced Healthcare Directive pursuant to Georgia Code Chapter 31, and more specifically O.C.G.A 31-32-5, designates what medical treatment(s) should (or should not) be administered in the event that someone becomes incapacitated or otherwise unable to make medical decisions for themselves. The estate planning attorneys at Fargione, Thomas & McRae can help counsel you through making these tough decisions.
A Durable Power of Attorney pursuant to Georgia Code Chapter 10, and more specifically O.C.G.A 10-6B-70, allows for a trusted and designated person to act on one’s behalf regarding day-to-day matters such as finance and law should the designator not be able to act or make vital decisions on their own. Some may not require or want a Durable Power of Attorney or prefer that the designation limits the powers enumerated to the designee. Some may have more detailed matters that may benefit from the creation of a trust or other estate planning tools. Whatever the case may be, it’s important to address and establish your estate plan with an experienced Estate Planning Attorney sooner rather than later.
In addition to the creation of an estate plan, it is vital that documents be kept up to date to reflect the current wishes of the creator of the documents. Times, people, families, lives all change and updating documents to ensure that current wishes and desires are carried out properly at the time in which said documents become necessary is of the utmost importance. The growth of the economy in recent years and the 2018 updates to the federal tax code are prime examples of how changes in time and circumstance may affect one’s preferences and desires regarding their estate plan and why it is important to keep in touch with your Estate Planning Attorney.
The passing of a loved one can be one of the most difficult times that a person may face in their life. It is important to have directions in place so that our loved ones aren’t left guessing what to do when facing the possibility and responsibility of making difficult decisions that could have lasting effects on family dynamics. Let our experienced estate planning attorneys help you!
At Fargione, Thomas & McRae our estate planning attorneys are here to assist you in addressing any questions and concerns that you may have regarding estate planning matters and working with you to establish the estate plan that is right for you and your loved ones. Contact our office and make an appointment today.
Georgia Power of Attorney