Having a will and estate plan can be the best way to protect your assets and ensure that your loved ones receive the things they deserve. Whether you have lost a loved one, have special needs, or simply want to plan for your future, there are a few things to keep in mind when it comes to Atlanta estate plans.
Creating a will
Creating a will is an important part of estate planning. It ensures that your wishes are followed and that your loved ones are taken care of. You can choose to have a will drafted by an estate planning attorney in Atlanta.
Before you can make a will, you must be of sound mind and have testamentary capacity. This means that you have a rational desire to create a will. You also have to be free from duress.
Creating a will requires a great deal of thoughtful consideration. You must also choose a good executor to carry out your wishes. You should also identify your assets, including your real estate, personal property, and vehicles.
You may also choose to have a trust created to hold your assets while you are alive. This can be an effective solution in situations where you have a lot of assets or business holdings.
You should also have a will if you have minor children. If you do not, your relatives may have trouble distributing your property. You also need a will if you are a divorced person. You can also set aside funds for the upkeep of pets.
Whether you are a business owner or a homeowner, you need to understand the risks and the strategies to protect your assets. You can benefit from the services of an asset protection lawyer in Atlanta.
An asset protection plan involves a number of steps, including establishing a trust. This can help you protect your wealth from creditor claims and lawsuits. It can also provide you with peace of mind.
An asset protection plan is especially important if you own a business or are in line to receive an inheritance. You may also want to protect your assets from government takeover or other liability.
An asset protection plan is most effective if you act proactively. You can also protect your assets from lawsuits and other liabilities by making sure that your assets are properly insured. Having an asset protection plan is not only for those with big money, but for anyone with a few valuable assets.
Planning for a loved one with special needs
Taking care of a special needs loved one is a lifelong journey. It is important to have a plan in place in case the caretaker becomes unable to continue. There are various ways to do this.
One way is to create a special needs trust. This will allow you to leave assets without affecting your loved one’s eligibility for public benefits. However, you must ensure that the trust meets state requirements and your loved one’s needs.
You can also provide for your special needs loved one through a personal injury settlement. This could be a great option if the disabled person is involved in an accident.
You can also create a special needs trust for your loved one. It can provide financial resources so that the person can maintain a high quality of life. It can also protect the person’s current assets and ensure their legacy.
Special Needs Trusts also serve as fiduciaries. You will need to name a trustee who understands the needs of the disabled person. They are also required to have the discretion to make supplemental distributions.
Creating trust after a loss
Creating a trust after a loss can help you take control of your assets. This allows you to avoid the expense and time required for probate. You can also use a trust to protect your assets from creditors. You can protect the interests of your family, too. If you have a family member with a disability, you can establish a trust to help provide for their future. You can also set up a trust to protect your assets in the event of incapacity.
A trust is a legal document that is set up privately by an individual with the assistance of an attorney. It is a legal contract that is effective upon execution. The person who is giving the property to the trust is known as the grantor. Trustees hold the property and are responsible for managing it. A trustee has the power to invest in the trust’s assets and distribute them according to the terms of the trust.