Estate planning laws ensure that all your assets- whether they are, physical or financial are inherited by people whom you want them to inherit after your demise.
One thing is for sure, the law might take into account all your personal relationships or preferences during the distribution of your assets.
Suppose you inherit some land or property and want to distribute it fully among your sons and daughters.
One of your sons betrayed you, you have full authority to make him detached from your property.
It’s your property and everything is under your discretion. Estate Planning Laws provide you with the protection and ensure you properly distribute the property among the individuals who you want.
Want to know more about this? Consult an estate planning attorney in Atlanta. In this article, we are going to discuss Atlanta Wills and Estate Planning Laws.
Estate Planning Lawyer: Roles And Responsibilities
Before discussing the Estate planning laws one must take due note of the estate planning lawyer. One must try to understand the responsibilities of the estate planning lawyer.
Estate planning lawyer has certain duties and responsibilities toward its clients:
1. Firstly, the Estate Planning Lawyer discusses with his clients the plans for distributing the assets of the clients.
2. Secondly, Atlanta Estate Planning Lawyer drafts the file wills, Trust and Power of Attorney, and other important documents. This is one of the major areas that it works with, that is drafting.
3. The estate planning lawyer advises the clients on various aspects like retirement plans, Insurance Options, and Charitable plans. This is not easy and requires a good amount of expertise.
4. Atlanta Estate Planning Lawyer works to litigate cases that go to the probate court.
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Estate Planning Laws
There are certain nitty-gritty details on Estate Planning Laws that one must consider. In Atlanta or in other states of the USA, there are certain things that need to be considered.
And there is a checklist of every item that must be included by every asset and they include:
- Will.
- Durable Power of Attorney.
- Beneficiary designation.
- Letter of Intent.
- Healthcare Power of Attorney.
- Guardianship Designations.
When an individual dies leaving some legitimate amount of property, one vital work remains, that is distributing the property to those who rightfully own the rights. Determination of the
the rightful heir is not really easy.
Sometimes there arises probate and Controversy that involves members of the family or the personal representatives; the settlement agreements and Court order arbitrations and resolving of the disputes.
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Essential Requisites
One of the important elements in Estate Planning is Post Mortem Tax planning. Tax Planning and Tax Return preparation require high requisites.
It really requires high skills and competency. Atlanta Estate Planning Lawyer helps you in this.
The law team that is responsible for handling the elements of Estate planning must be highly experienced.
They must enroll themselves in the Estate Planning Atlanta Bar Association. They must also be experienced in accounting with an advanced degree in accounting.
Essential Planning Document That Is Required In Atlanta
While you are working on estate planning, you need to make sure that there are essential documents that you must consider.
Wills
The first thing that comes under this is the will. They are the form of legal documents that direct the distribution of the Assets. Wills are used generally for the appointment of the guardian of the minor children.
Power Of Attorney
This is also known widely as the “durable financial power of the attorney”. This allows you to nominate someone to handle your finances. With the help of the POA, you are able to fully alleviate the appointment of legal guardians.
Health Care Directives
With the help of the Health Care Directives, you are able to appoint someone to make decisions when you are unable to establish your Medical Treatment preferences.
This Act provides Medical Data Privacy. You must have legally authorized individuals to access the records
Other than this the document that is required is the Standby Guardian Designation. Moreover, Trust helps mang manage when your assets are distributed.
Conclusion
So, distribution of your assets to the posterior generation is not that easy and there are many entanglements between the two. Therefore, you are advised to hire and manage responsible farms that will successfully work for you to smoothly distribute the property to the ones who rightfully deserve your property after you pass away. So leave this at the hands of professionals.
