Many people in Georgia spend a great deal of time planning for the future. They often take college classes to advance their future career and create a plan to save for retirement. Equally as important as this planning is the creation of an estate plan. While some people think only of wills, there are several important documents that often comprise such a plan.
A will serves many important purposes. It allows a person to express their wishes regarding the distribution of their assets, including who will be in charge of overseeing that distribution. However, some people also utilize a revocable living trust, which sometimes provides even greater flexibility and prevents a costly and public probate process.
In addition to this document, creating a durable power of attorney and a health care power of attorney can help ease a stressful situation in the event a person becomes unable to make decisions on his or her own. The former gives an agent the power to manage financial decisions while the latter gives someone the power to make health care decisions. If these documents are not in place, a court will have to name someone, forcing family members to cope with legal proceedings during a situation that is already stressful.
When planning for the future, the creations of wills and other such documents may be the furthest thing from the minds of many people in Georgia. However, taking steps today can often help family members cope with an extremely difficult situation. These legal documents can help ensure that a person's wishes are clearly expressed.
Source: tulsaworld.com, "Legal Perspective: Know your options when devising an estate plan", Brandy Robles, Oct. 10, 2017