Three Estate Planning Documents Everyone Needs
Regardless of the size of your estate, having basic estate-planning documents is extremely important.
The WillAt a basic level, a will is a document that legally states how you would like your property to be divided upon your passing. One benefit of a properly executed will is that it speeds up the probate process. As soon as anyone passes, the last thing most people want is for their family to be engaged in an expensive and time-consuming legal battle over their possessions. It is worth noting that some of your property may pass unaffected by your will. For example, life insurance proceeds in which you have already named a beneficiary. One common misconception is that once a will has been signed it is permanent. This is not the case. In fact, you may change your wishes at any time provided that you effectively amend your will or replace it. If you're concerned that your life circumstance may change, you're not locked into anything.
The Power of AttorneyA Power of Attorney allows you to authorize another person to make legal decisions on your behalf in the event of your incapacity. These legal decisions can include bank transactions, credit transactions, payment transactions, real and personal property transactions, hiring authorizations with regards to nurses and physicians, as well as many other capacities. The primary benefit of a properly executed Power of Attorney is that the assigned party needn't petition the Court for these powers in the event of your unexpected incapacitation and can thus often proceed with quicker decision making.
The Living Will (Advanced Directive for Health Care)A living will is a document that allows you to make decisions regarding your healthcare in the event that something happens to you and you are non-communicative. In Georgia, this document is known as an Advanced Directive for Health Care. An Advanced Directive for Health Care allows you to state your preference in the event you are ever left in a non-responsive state. When it comes to estate planning, even the most basic life situations call for some planning in case of the unthinkable. As the adage goes, isn't an ounce of prevention worth a pound of cure? Contact The Rhine Law Firm, LLC so we can help you plan for tomorrow today.