What you need to know about Estate Planning

The manner in which you plan your estate can have long term impacts for you and your loved ones. You can plan for the future now and put your estate in the best order possible by utilizing these critical strategies.

When planning for the future, you should stipulate important details like:

• To whom you entrust your power of attorney over your finances If you are unable or unavailable to make financial decisions;
• To whom you entrust an advance directive for healthcare to express your wishes If you cannot communicate with doctors or caregivers;
• Who will receive your money and assets upon your death;
• Will those assets be dispersed to your beneficiaries outright or in a trust; and,
• Who will administer your probate estate and any trusts, ensuring that your wishes are carried out.

Make a Will

The principal advice that you should consider involves making a will. Without a will, the state can step in and make decisions on your behalf. This state-based process may not be consistent with your wishes and desires.

Although the legal system permits people to create their own wills, estate planning may not be the ideal time to try your hand at do-it-yourself legal techniques.

You need to get the details of your estate just right if you want the probate court to honor your wishes. Don’t rush into writing out a will but rather take your time to think through how you want your assets dispersed after you are gone.

The experienced lawyers at Cohen & Goodman Law LLC can walk you through the estate planning process and present the questions to consider for your unique situation. Our experience, forethought and care will help you plan for the final disbursement of your assets according to your wishes.

Keep Your Will Updated

An Estate Planning Attorney in Atlanta will also advise you to keep your will updated and aligned with the circumstances in your life. You should rewrite or revise your will when you:

• get married or divorced
• have children
• disown an heir
• experience a change in financial circumstances

Revising your will to accommodate your current lifestyle will ensure that your estate avoids legal difficulties that could keep it tied up in probate court.

Hire an Estate Attorney

Finally, you should hire an Atlanta estate planning attorney like one from Cohen & Goodman Law  as you plan out your final wishes. Estate planning is not a time for do-it-yourself strategies.

You need a legal pro advising you on current estate laws so you can avoid unnecessary expenses and taxes. You also ensure that your final wishes will be expressed fully in writing and carried out in a legal and valid manner after you are gone.