DIRECTIONS TO OUR OFFICE

• Will
• Living Will
• Power of Attorney
• Healthcare  POA

You, Yes You! Need a Will

Wills are not only for the well-to-do, they are important for all adults who are interested in ensuring that their wishes are respected upon death, and that their estates pass to their loved ones as quickly, as painlessly and as intact as possible. Every adult should have a will. Whether you have a lot or a little, children or no children, you should have a will.

Dying without a will (also referred to as dying “intestate”) means that the law decides who receives what out of your estate. In Georgia, your surviving spouse and children, if any, would share the estate, subject to some limitations. Dying intestate creates additional costs in probating your estate, plus you do not get to decide who shares in your estate or make provisions for family members. In short, having a will means “you” decide.

• You decide who will handle your estate
• You decide how your property will be distributed
• You decide who will be the guardian over your minor children.
• You decide how to direct your assets
• You decide if you want to make charitable gifts

Subsequent Marriage, Divorce and/or Children

With many people today in second and third marriages, a will with appropriate trust provisions may be helpful in ensuring that your assets ultimately pass to your children after being available for support of your surviving spouse. Without a will restricting those assets, the surviving spouse could be free to leave a portion of those assets at his or her death to whomever he or she pleases such as a new spouse or children from another relationship. If you are not legally married and/or have no children, your assets could end up going to an unknown next-of-kin, if that person is the nearest living blood relative.

How Long is a Will Valid?

The mere passage of time has no effect on the validity of the will. Since a will does not take affect until you pass away, you may make changes to your will at any time without notice or approval from the beneficiaries, but the changes must be executed with the same formalities as the will itself. You should review your will every two to three years, and at major life changes, such as marriage, divorce, the birth or adoption of a child or a substantial increase in assets.

Who Should Prepare a Will?

Did you know that not all assets are required to be probated. Drafting a will involves making decisions requiring professional judgment which can be obtained only by years of training, experience and study. Only a practicing lawyer can avoid the innumerable pitfalls and advise the course best suited for each situation to ensure that your wishes are respected. You should avoid using do-it-yourself kits or Internet templates, as they may create many problems.

Death and Taxes!

As the saying goes, there are two things that are for sure, Death and Taxes! Estate taxes can be excruciating. The top rate for individuals dying in 2006 is up to 46 %. Without a properly structured will, after your death, relatively few options may be available to reduce estate taxes.

Last Will and Testament

In the Last Will and Testament, you will need to name a Primary and Secondary (2nd choice) person for the following administrative positions:

Executor: The person to administer the Will upon your death. This person will be responsible for gathering together all assets and paying all debts.

Guardian: The person to have custody of the property and custody of your minor children.

Trustee: The person or institution to hold the assets of the estate. This person can be the same as your Executor, or you can choose a different person, or you can choose a financial institution (i.e. your bank) to assume this responsibility.

When identifying the Primary and Secondary individuals, please include their full name, address (including city, state, country and zip code) and relationship to you.

Questions To Consider

Following are additional questions you should consider prior to completing the Questionnaire:

• Do your children, grandchildren or others you feel responsible for have any problems or special needs that should be considered in designing your estate plan?
• Do you have the responsibility for supporting anyone other than your spouse and/or children?
• Do you wish to make any gifts or contributions of property or money to any friends, relatives, or charities?
• If you, your spouse, and all of your descendants (children, grandchildren, etc.) were to pass away at the same time, who would you want to have your property? (Have your spouse answer this question separately.)
• Do you want to designate a guardian of the person for your children under 18 in case the other parent does not survive? (Think about a secondary person to the original guardian also.) Remember that a guardian primarily makes “personal”, rather than “financial” decisions.
• If you wanted an individual to serve as Executor or Trustee, with or without a Bank as Co-Executor or Co-Trustee, whom would you name? (Think about a secondary person as well.)
• Powers of attorney are often used to authorize someone to act for you under certain conditions, especially legal incapacitation. We will recommend that you consider executing such powers. Whom would you like to name as your agent (and successor agent) under such a power? Powers of attorney are revoked by death. We can condition the effectiveness of the power on a physician’s certifying the principal’s inability to manage his or her own affairs.
• Are both spouses U.S. citizens?