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Creating a Last Will and Testament can be an inportant part of estate planning. It allows you to dictate how your assets will be distributed and your final wishes carried out after your passing. In Georgia, there are specific considerations you should take into account before drafting your will. When you work with Milton and Alpharetta estate planning attorney John Boscoe, you will have the guidance you need to execute a document that meets all of your goals.
What to Consider Before Drafting a Will in Georgia
Taking some time to think about what you want to accomplish with your will is a good first step in the process. Most people think of a will as a list of who gets what from your estate, but there is more to it than that. You will also need to make decisions about the following elements of your will.
Assets and Property
Before drafting your will, take inventory of your assets and property. Consider what you own, including real estate, financial accounts, personal possessions, and any other valuable items. This thorough assessment will help you determine how you want to distribute your assets among your chosen beneficiaries.
Beneficiaries
Identify who you want to include as beneficiaries in your will. Beneficiaries are individuals or entities who will receive your assets upon your passing. These may include family members, friends, charities, or organizations. Be clear and specific about your beneficiaries to avoid potential confusion or disputes.
Guardianship for Minor Children
If you have minor children, it's crucial to designate a guardian who will take care of them in the event of your death. Carefully consider the responsibility and suitability of potential guardians to ensure your children's well-being.
Executor Selection
You will need to choose an executor, also known as a personal representative, who will be responsible for administering your estate and carrying out the instructions in your will. Ensure the chosen person is trustworthy, organized, and willing to fulfill this important role.
Debts and Liabilities
Take into account any outstanding debts, loans, or financial obligations you may have. Your will can address how these debts should be paid from your estate's assets. However, keep in mind that certain debts, like federal student loans, may not be dischargeable through your will.
Special Instructions
Consider if there are any special instructions or conditions you want to include in your will. This could involve specific bequests, such as gifting a family heirloom to a particular individual, or instructions regarding the sale of property.
Estate Taxes
While Georgia no longer has a state-level estate tax, you should be aware of potential federal estate tax implications. John will help you design an estate plan that minimizes what your estate could owe in taxes after your death.
Review and Update
Remember that life circumstances change over time. When you have a relationship with your estate planning attorney, he will remind you to periodically review and update your will to ensure it remains accurate and relevant. Major life events like marriage, divorce, the birth of children, or significant changes in your financial situation should trigger a review of your will.
Boscoe Law will help you navigate the complexities of state laws, ensure your will is legally sound, and provide guidance on the best ways to protect your assets and carry out your wishes.
Your Will Is a Small Part of a Comprehensive Estate Plan
Creating a Last Will and Testament in Georgia can be a vital step in estate planning. By carefully considering your assets, beneficiaries, special instructions, and other factors, you can ensure that your final wishes are executed as intended. However, there are additional estate planning tools, such as revocable living trusts and powers of attorney, that make up a comprehensive estate plan. John will walk you through the entire process to ensure you get the peace of mind that comes with knowing that your assets and—more importantly—your family are truly protected, no matter what happens to you.