Why You Need and Estate Plan
If you are like most people, when you hear the term “estate plan” you think that only wealthy people have estate plans because only wealthy people have “estates.” Well, that is not true. An estate is simply the net worth of a given person at a given time, during life or at death. Do you own a home? A car? Some land? You have an estate. You need an estate plan.
An estate plan is a series of written documents developed for the purpose of arranging for the disposal of an individual’s real and personal property at the time of their death. If you have children, grandchildren, a spouse, or a favorite charity, you need an Athens, GA estate plan to ensure that your wishes are carried out upon your death. While each Athens, GA estate plan is unique, because every client’s situation is unique, most individuals can get by with what I call a “basic” Athens, GA estate plan.
The “basic” Athens, GA estate plan consists of a few very common documents. The first document is a Last Will & Testament. This document allows one to detail how they wish their real and personal property be distributed upon their death. The second document is a Durable Power of Attorney. This document appoints an Agent, also known as the Attorney-in-Fact, to preside over one’s financial and business needs should they no longer be capable of doing so. The third and final document is a Healthcare Proxy with a HIPPA release. This document appoints a healthcare agent to make decisions regarding your healthcare should you become incapacitated, and no longer able to make medical decisions for oneself.
With these three documents, most individuals have sufficiently provided for their care should they become unable to care for themselves, as well as the disposition of their worldly possessions upon their death.