Illustrating Your Final Wishes And Planning For The Future
Utilizing estate planning strategies allows you to illustrate your final wishes for when you pass on or if you become incapacitated. Although people of all ages and financial standing can benefit from having an estate plan, the main purpose of estate planning is to formalize your last wishes. Let Cochran & Edwards tailor an estate plan to your needs.
Safeguarding Your Legacy
Leaving a comprehensive estate plan for your loved ones to follow can make life easier during their time of grief. Establishing your intentions can help minimize family conflict or misunderstandings regarding your estate, avoid court expenses and attorney fees later, and ensure your wishes get carried out. If you fail to create an estate plan, the state will divide and distribute your estate according to Georgia’s intestate laws, which could conflict with how you want your assets allocated.
Estate plans are not universal and should be customized to the needs and goals of each person. Possible elements of your plan could include:
- A will naming your beneficiaries and a guardian for minor children.
- A power of attorney designating someone to manage your financial affairs when you no longer can.
- An advance care directive outlining your health care wishes.
- A trust to hold and distribute assets in a manner you see fit. Trusts can be especially helpful if you want to set up a fund for loved ones with special needs or allocate assets to minors.
- A business succession plan to dictate the transfer of a business and minimize interruptions to daily operations.
- Tax planning strategies to mitigate tax liabilities.
- Long-term care planning to fund future needs.