What is Estate Planning?
Estate planning is a process where a team of professional advisors help you craft a customized plan regarding your personal wishes and assets. Your estate includes everything you own— your home, car, checking and savings accounts, investments, life insurance, furniture, personal possessions, etc. Generally, a well crafted estate plan should include the involvement of your legal team--The Randall Firm-- your accountant, financial planner, and life insurance advisor.
Top (7) Estate Planning Myths
-
I don't have enough money or assets to worry about estate planning.
-
I don't need to pay for an estate plan, going through probate is free.
-
Estate planning is morbid and only plans for material things after death.
-
I'm too young to worry about estate planning.
-
My family will do the right thing.
-
I drafted my will years ago, nothing else is needed.
-
I'm married, so everything will automatically go to my spouse.
Things to Consider While Crafting Your Estate Plan
Your estate plan should:
-
Include instructions for your care if you become disabled during your lifetime.
-
Name a guardian for minor children.
-
Provide for family members with special needs without disrupting government benefits.
-
Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.
-
Include life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury.
-
Provide for the transfer of your business at your retirement, disability, or death.
-
Minimize taxes, court costs, and unnecessary legal fees.
-
Be an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.
You owe it to yourself and your family to be fully prepared, don't wait to contact us.
Important Georgia Estate Planning Terms
“Administrator” means any person appointed and qualified to administer an intestate estate, including an intestate estate already partially administered by an administrator and from any cause unrepresented.
“Administrator with the will annexed” means any person, other than an executor, appointed and qualified to administer a testate estate, including a testate estate already partially administered and from any cause unrepresented.
“Beneficiary” means a person, including a trust, who is designated in a will to take an interest in real or personal property.
“County administrator” means any individual or individuals appointed by the probate court of the county and qualified to represent an estate that is unrepresented and unlikely to be represented.
“Descendants” means the lineal descendants of an individual including those individuals who are treated as lineal descendants by virtue of adoption.
“Executor” means any person nominated in a will who has qualified to administer a testate estate, including a person nominated as alternative or successor executor.
“Heirs” means those one or more individuals who survive the decedent and are determined under the rules of inheritance to take the property of the decedent that is not disposed of by will.
“Person” means an individual, corporation, partnership, association, joint-stock company, business trust, unincorporated organization, limited liability company, or two or more persons having a joint or common interest, including an individual or a business entity acting as a personal representative or in any other fiduciary capacity.
“Personal representative” means any administrator, administrator with the will annexed, county administrator, or executor.
“Temporary administrator” means any person granted temporary letters of administration upon an unrepresented estate.
“Testamentary gift” means the interest in real or personal property which a beneficiary is designated to take in a will.
“Will” means the legal declaration of an individual's testamentary intention regarding that individual's property or other matters. Will includes the will and all codicils to the will.
The Randall Firm helps you draft estate planning documents align with your unique goals
We know that your estate is a reflection of your years of hard work and careful planning-- we dedicate considerable time to design plans that are tailored to meet your unique needs and help ensure a secure future for those you love.
ESTATE PLANNING TIMELINE
The first step in creating an estate plan is for us to have an understanding of your assets, risks, and objectives. Once our lawyers receive this information, our estate planning attorneys can design an estate plan that can achieve your goals.
Our process usually includes:
-
Initial Conference (Teleconference or in person)
-
Assess personal objectives
-
Determine family structure and relationships
-
Assess business organization and financing structures
-
Drafts of Estate Planning Documents
-
Telephone conference to discuss edits
-
Signing Ceremony
-
Receiving Estate Planning Portfolio
-
Funding Phase
-
Provided funding instructions
In emergencies, our lawyers may be able to have documents ready in 24 hours.
© 2020 by The Randall Firm, LLC
