Why have a Will or a Trust in Georgia?
The most commonly used method of estate planning is a Will. Wills allow you to control the ownership and disposition of your assets, effectively serving to protect these assets and provide for your family in the event of your death. A Will enables you to specify who will inherit your assets upon your death. One of the most important items to consider when drafting a Will is who will be named as the executor. The executor is the individual who makes sure all the outstanding bills are paid and your property is distributed as set forth in your wishes. Most of the time with married couples it is the other spouse who is named as the executor. However, a secondary or alternate executor should be named in the event the primary executor will not or cannot serve.
A Will should be drafted by an attorney who will help determine your specific needs and draft a Will tailored to those needs. Oftentimes, a simple Will is what is needed. However, in cases of more complex estates or if someone is a member of a blended family (prior marriages or having children from marriages), a more detailed Will may be necessary. An experienced lawyer knows what questions to ask to find out what level of complexity your specific situation requires. Sometimes, depending on the circumstances, a Will can be joined with a Trust as a powerful estate planning plan.
A Trust is a legal vehicle in which the control of, and legal title to, assets is held by a Trustee. Trusts are generally established with specific purposes in mind, and making specific provisions for certain individuals and or entities are usually among the primary purposes. Trusts are also good tools for managing your property during your lifetime, especially if you become incapacitated. If it is a Trust you need, I can counsel you on the type of trust needed that will best fit your circumstances.
Contact or call Taylor & Strickland today to schedule your free consultation to discuss your needs. 770-683-4163