Estate planning is an important part of financial security, but it can be complicated and intimidating. The SR Law Group understands this and wants to help provide guidance to Black families in Georgia. Here are the top 5 Estate Planning Tips you need to know before starting your will or trust.
– Before you can plan your estate, you need to understand exactly what assets you have and how they are owned. This includes real estate, investments, bank accounts, life insurance policies, and any other property that might be included in your estate. It is important to keep records of all these assets so that when the time comes, it is easier for those responsible for executing your wishes.
– One key decision when creating an estate plan is who will serve as executor of your will or trustee of your trust if one has been created. It is important to choose someone who is trustworthy, organized and capable of handling the legal responsibilities associated with executorship or trusteeship. They should also be aware of what they are signing up for and should be willing to take on the task.
– All assets transferred through an estate plan may incur taxes depending on how they were gifted or inherited. It’s important to understand how these assets will be taxed so that everyone involved in the transfer understands their obligations both financially and legally. Consulting with a tax professional prior to drafting a will or trust can help ensure that all parties remain informed about their potential liabilities when it comes time for distribution of assets after death.
– If you have children under 18 years old, it’s important to make financial plans for them in case something unexpected happens. You should designate a guardian who would assume responsibility for raising them if something happens to you before they turn 18; create trusts with specific instructions on how funds should be used; name beneficiaries on bank accounts.
– Life changes over time, so it’s important that your estate plan reflects those changes as well. Every year or two after creating a will or trust (or sooner if there has been a major life event such as marriage), review all documents with an attorney or qualified financial planner who specializes in estate law in order to ensure everything remains up-to-date according to current laws and regulations governing wills and trusts in Georgia.
These tips from The SR Law Group will help ensure that you have a solid foundation for protecting yourself and your loved ones through proper estate planning in Georgia. Creating a detailed plan now can help reduce stress later down the road and give peace of mind knowing that all necessary steps have been taken care of ahead of time so loved ones don't have too much work during an already difficult time dealing with loss or illness within the family unit. Take action today! Contact The SR Law Group for assistance getting started with setting up an effective estate plan tailored specifically for you and your family's needs in Georgia today!
SR Law is Georgia's Premier Black-Owned Boutique Law Firm, providing Estate Planning and other legal services such as Probate, Guardianship and Conservatorship, VA Benefits, Long-Term Care and Medicaid Planning, as well as Adoptions. Our focus is on the needs of veterans, and older individuals and their families.