Evans Estate Planning Attorneys

Whether you are thinking about asset protection, handing down a legacy, or simply letting your family know your final wishes, you need experienced help from qualified Evans estate planning attorneys. By choosing a skilled estate planning law firm, you can give yourself and your loved ones valuable peace of mind. You can also prepare for the possibility of long-term nursing care or providing for disabled adult children after you are gone.

At Garrett Murphy Law LLC, our estate planning advisors offer integrity, honesty, and compassion to help you plan for your future and that of your family. We can meet with you during a consultation and tailor an approach that meets your needs while removing the confusion or uncertainty you may have. Learn more about our estate planning services when you contact us today.

Choose Garrett Murphy Law for Your Estate Planning Needs in Evans, GA

At Garrett Murphy Law LLC, our estate planning lawyers take a thoughtful, personalized approach to helping you create a powerful legacy. Our attorneys take the time to understand your goals, concerns, and family dynamics so we can create a plan that addresses any conflicts or concerns. We can also recommend strategies designed to strengthen your goals while preserving family harmony.

Creating an estate plan is more complicated than simply writing a will. You must establish legal protections for your assets, adjusting them whenever legislation changes. Our estate planning attorneys go beyond a single interaction to build a long-term relationship with each client. 

We are by your side through marriages, divorces, and family additions. If you start or grow a business, we can help you make a succession plan so your company successfully outlives you. Our long-term commitment to your well-being is what sets us apart from other Evans estate planning law firms.

 

What Is Estate Planning?

Estate planning involves setting goals for how you wish to transfer your assets after you pass away. No matter how much you own, there are key trends affecting estate planning in Georgia that everyone should consider. Creating an estate plan provides your family with a clear guide for managing crucial legal matters during a challenging time.

Our Evans estate planning lawyers can assist you with the following instruments:

 

Last Will and Testament

Your last will and testament describes your final wishes about important topics, such as funeral arrangements and who will serve as guardian for your children. In Georgia, you can prepare your will by yourself, but you can definitely benefit from working with an experienced estate planning lawyer. They can advise you on choosing a personal representative, also known as an executor, and creating an inventory of your assets.

Your will should include your beneficiaries and how you want to divide your property. Under Georgia Code Section 53-4-20 and Georgia Code Section 53-4-23, you will also need two witnesses who are not beneficiaries to sign your will. Keep your will in a safe place and share a copy with your chosen executor.

Advance Directive for Health Care

Even if you are in good health, circumstances can change in the blink of an eye, rendering you incapacitated. At that time, you need someone you can trust to make medical decisions on your behalf. An Advance Directive for Health Care provides your trusted agent with specific guidelines on the types of care you desire and what to avoid.

Advance Directive for Health Care only takes effect when you are unable to make or communicate your own choices. As soon as you recover, you are in control of your health again. In the meantime, they supply important details so physicians know whether to implement life-saving measures and when to withhold treatment. 

Financial POA

Similar to an Advance Directive for Health Care, a financial POA allows your designated agent to control financial affairs while you are physically or mentally incapacitated. This person is often different from your Advance Directive for Health Care, reducing any risk that a single individual could make choices that benefit themselves and not you. You can also limit your POA’s authority, preventing actions such as selling off a company or divesting funds against your wishes. 

Irrevocable Trust

You may use irrevocable trusts for your children or other loved ones. These instruments involve you as a grantor naming a trustee, who will administer the trust according to its terms. You fund the trust with money, property, and other assets, giving ownership to the trust. Irrevocable trusts can minimize or eliminate the need for probate court proceedings, and they also cut down on tax obligations for your heirs.

Revocable Trust

A revocable trust (living trust) allows you to place assets into a separate legal entity while still benefiting from them during your lifetime. You also have the right to revoke or dissolve the trust, and you can serve as the initial trustee. You can name someone to succeed you as trustee when you pass away.

A revocable trust allows your heirs to bypass probate for the trust’s assets and retains your privacy. However, there are no tax benefits, and the state will assess and collect taxes on any taxable assets in the trust. 

Special Needs Trust (SNT)

If you have children with special needs, they may require assistance for as long as they live, even after you are gone. If they are unable to work or support themselves, they have a right to government benefit programs. However, these programs have strict income limits for applicants, and if you leave your children with too many assets, it could jeopardize their eligibility.

With an SNT, you can protect their inheritance and use it to fund their living, education, and other expenses. Because the trust owns the assets and controls distribution, your child can still receive Medicaid and Social Security benefits. SNTs are irrevocable trusts.

General Steps in the Estate Planning Process

As a well-respected Evans estate planning law firm, we can educate you on what to expect and answer questions about your unique circumstances. If you have a goal of leaving some of your assets to charity or individuals outside your immediate family, we can prepare appropriate documents so your wishes are honored.  The basic process follows these steps:

• Meet with your estate planning attorney: Arrange a consultation to ask questions, discuss your needs, and understand what comes next. 
• Create an inventory: We collect details on all your assets, including real estate, investments, retirement accounts, personal property, and cash. We also assess any tax burdens and liabilities. 
• Designate your personal representative (PR): You identify a trustworthy individual who can execute your will and administer your estate after you pass. 
• Establish and fund trusts: Your Evans estate planning lawyer crafts the terms for your trusts, assisting you with transferring property and accounts into the trust’s ownership.  
• Review, sign, and collect your estate plan: Once we, as your estate planning law firm, complete all documentation, we ask you to verify the details and sign everything. We prepare a copy for you to keep.
• Contact us for life’s changes:  We recommend reviewing your estate plan regularly, especially when you experience significant life events. Our Evans estate planning team is committed to keeping your plan effective and current with state law. 

We advise clients to share a copy of their will with their PR and update that person whenever there is a change to the paperwork. While you do not have to inform anyone in your family about their inclusion or exclusion in your will, you do have to notify them of any changes if they are a beneficiary in a trust. Your Evans estate planning attorney at Garrett Murphy Law LLC can assist you with the process and conversations. 

What Happens to Your Estate if You Die Without a Will?

Many people believe they do not have enough to justify spending time or money on creating an estate plan. Even if you only have a few things to pass down, you may have very clear ideas about who should receive them. If you choose to forego making a will, Georgia intestacy laws dictate your family’s inheritance in the following order:

• You have a spouse but no children: Your spouse inherits everything.
• You have a spouse and one child: Your spouse and child divide your assets evenly.
• You have a spouse and more than one child: Your spouse receives ⅓ of your estate, and your children divide the rest among them.
• You have children but no spouse: Your children divide everything equally. 
• You have no spouse and no children: Your parents inherit your estate.
• You have no spouse, children, or parents: Your siblings divide your assets evenly.

From there, your grandparents, aunts, uncles, and cousins could inherit your estate. Things can get complicated very quickly unless you have created a will with clear instructions concerning your wishes. All your assets will have to pass through probate, potentially reducing what your loved ones inherit due to liabilities and tax obligations. 

The Probate Process in Georgia Can Be Complicated

When you do not take advantage of building an estate plan, you leave many things to chance. Without one, the state of Georgia controls what happens to your assets, and your heirs may have to face unexpected taxes. Even when you have prepared your plan, there are some assets that must pass through probate.

Here is an explanation of how the probate process works in Georgia when you have a will:

• Your personal representative (PR) locates your will and death certificate, presenting them to the Columbia County Probate Court.
• Your PR petitions the probate court to assign them as your legal executor who will manage the estate’s legal and financial matters.
• Your PR follows your estate plan and works with trustees and others to create an estate inventory.
• Your PR verifies creditors’ claims, pays appropriate debts, maintains property, and manages estate finances with the beneficiaries’ best interests in mind.
• Your PR distributes assets according to your estate plan after paying taxes and meeting other obligations.
• Your PR petitions the probate court to close the estate, releasing them from their duties. 

 

When your estate plan includes trusts and other asset protection instruments, there may be very little that passes through probate. In fact, if your estate is small, it could qualify for a status of No Administration Necessary, exempting it from probate. 

 

What Are the Assets That Must Go Through Probate?

One of the frequently asked questions about probate law that our estate planning attorneys get is what types of property have to go through the probate process. If you do not have a will, nearly everything does. 

Here are some types of assets and whether they pass through the probate process in Georgia:

• Homes: If you have Joint Tenants With Right of Survivorship (JTWRO), your spouse inherits your home immediately without passing through probate. 
• Property titled solely in your name: These assets go through probate.
• Bank accounts: If it is a joint account, the other party inherits the funds without probate. If it is solely in your name, it goes through probate.
• Life insurance policies: If you did not designate a beneficiary for the policy, the funds are subject to probate.
• Retirement accounts: Like life insurance, you must name a beneficiary to avoid probate.
• Stocks and other investments: These are considered individually-owned assets and fall under probate law.
• Testamentary trusts: Because these are created when you die, they must go through probate.
• Trusts created before you pass away: If you established a trust for a loved one and placed assets in that trust, it does not have to pass through probate. 

 

When your assets are probated, you may have to file a tax return for the full value of the estate. By using trusts and other estate planning instruments, you can limit this process and leave more to your heirs.

 

Trust in the Estate Planning Attorneys at Garrett Murphy Law LLC

At Garrett Murphy Law LLC, we are ready to discuss your needs and develop an effective estate plan as soon as possible. Even if you are young, you need documents that tell your loved ones how to handle your affairs, from funeral arrangements to sharing beloved heirlooms. If you are close to retirement age, you can implement tools to preserve your assets and allow you to access benefits you have worked hard to earn.

We treat every client with the dignity they deserve, and we help you create the right set of estate instruments to address your goals. When your needs change, we remain by your side to make the changes that life demands. Above all, we believe we should be your first choice among Evans estate planning law firms, so contact us today to arrange a consultation and learn more.