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Piece updated December 2019.

From billionaires to blue-collar workers, everyone should have a will and legal documents that outline their final wishes. Even if it seems like you don’t have a lot of assets to distribute, it’s still a worthwhile endeavor, especially if you have dependents or family members who will be responsible for managing your estate. The following guide outlines a few essential components to address in your estate planning.

Fundamental Considerations When Drafting a Will

An Executor 

Your estate needs an appointed person responsible for distributing assets of the will and resolving the deceased person’s remaining financial obligations. Although an executor isn’t entitled to any assets from the will, they might charge a fee as compensation for administering the wishes of the deceased. 

The Beneficiaries

These are the people who are entitled to receive assets and property after your passing. Specify the beneficiaries of your estate in addition to any provisions about their inheritance. For example, many beneficiaries who are younger than 18 years of age have a trust established in their name wherein the assets don't become available until the beneficiary reaches a certain age. 

Medical Care Decisions

Name a health care proxy in your will who will be responsible for deciding what lifesaving medical procedures should be performed if you’re unable to make decisions by yourself. This situation could arise if you’re unconscious or mentally incapacitated. 

Guardianship

If you have any children who are minors, you should name a guardian who will be responsible for their well-being in the event of your death. This person might be a close relative or trusted friend.

Pet Provision 

You can also designate a caretaker for your pets in your will and allocate funds for their care. A designated caretaker will be responsible for making financial decisions in the interest of your pets.

Debt Cancellation 

If you have any outstanding debts, consider relinquishing the obligation upon your death, depending on the circumstances of your arrangement. This is often the case for inter-family loans, for example. 

No-Contest Clause

A no-contest clause or ‘in terrorem clause’ is an optional provision that can protect against disputes about the distribution of assets. If someone tries to challenge the will or file a lawsuit, they’ll disqualify themselves from receiving compensation on behalf of your estate.

 

A will is a complicated piece of legal documentation. If you’re not careful about outlining your wishes, your estate could get delayed in probate for years after your departure. That’s why it’s crucial to work with a qualified lawyer for estate planning. They’re knowledgeable when it comes to defining legal terminology and can help you create a document that protects your interests. To learn more about drafting a will in Georgia, turn to McClure, Ramsay, Dickerson & Escoe, LLP. They’ve been helping Toccoa residents provide for their loved ones for more than 110 years. Visit them online to learn more about their estate planning expertise. To schedule an appointment with an attorney, call (706) 886-3178 today.

 

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