Estate Planning is generally defined as the "process of anticipation and arranging for the disposal of an estate during your life time."
Did you know?
Did you know that taking the time to set up to Estate Plan may help eliminate uncertainties over the administration of your Estate and it may help maximize the value of the estate by reducing taxes and other expenses as well as help your heirs receive what is theirs in a more timely manner?
This can includes things such as appointing someone with the power of attorney, beneficiary designations, writing your will, creating trusts, and appointing property ownership. During Estate Planning you may also make final arrangements for yourself such as whether you would like to be cremated or buried.
Before beginning your Estate Planning process you will need to think long and hard about who you would like to handle your Estate.
We are here to help!
The process of preparing your will can beintimidating. Give Douglasville's Estate Attorney a call to get started. For more information about writing your own will please visit our How To Make a Will page.
Key Estate Planning Terms
Here are a few terms you may want to be familiar with before you begin the Estate Planning Process
- Last Will and Testament: A will or testament is a legal declaration by which a person, the testator, a or more persons to manage his/her estate and provides for the transfer of his property at death.
- Power of appointment: A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will.
- Power of attorney: A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter.
- Beneficiary: a beneficiary is a natural person or other legal entity who receives money or other benefits from a benefactor.
- Trusts: a trust is a relationship whereby property (real or personal, tangible or intangible) is held by one party for the benefit of another.