The thought of taking inventory of all assets and then determining how they should be distributed upon death can be overwhelming. If you don't know where to get started when it comes to estate planning, you’re not alone. In fact, the majority of U.S. adults don’t have a will or living trust. To protect family members, though, it’s essential to create an estate plan sooner rather than later. Here are answers to some of the most frequently asked questions on the subject to help simplify the process. 

Common Questions About Estate Planning

Where should I store my estate planning documents?

The most comprehensive estate plan will be useless if beneficiaries cannot access critical documents as needed. Therefore, storing such documents properly is as important as creating them in the first place. In general, it's wise to place your will in a safe deposit box in a secure, fireproof location. You should also distribute certain documents to relevant parties. For example, give your primary care physician a copy of the healthcare power of attorney. 

Can I change my will once I’ve signed it?

Many people postpone estate planning because they’re not aware they can modify arrangements as their situation changes. Fortunately, updating various documents is fairly easy. In fact, excluding irrevocable trusts, you should review and modify the terms of your plan periodically. 

Do I need to hire an attorney to finalize everything?

Although it’s possible to draft a legitimate will without legal guidance, you should have a lawyer review any final arrangements. An attorney will ensure every document is legally binding. Your lawyer can also propose strategic ways to protect beneficiaries. Depending on the circumstances, for example, it may be possible to minimize estate taxes or avoid probate. 

Are there any arrangements that will go into effect while I’m still alive?

Both powers of attorney and living trusts can be implemented before you actually pass. By creating a healthcare power of attorney, for example, you’ll grant someone the authority to make medical decisions should you become incapacitated. And if your estate plan includes trusts, you must fund them by transferring assets while still alive. 

If you’re ready to start estate planning, turn to the knowledgable attorneys at  Adams, Ellard & Frankum, P.C. Located in Clarkesville, this firm is proud to help clients throughout northeast Georgia navigate all types of legal proceedings. In addition to probate law, they can assist with business litigation, tax issues, pending foreclosures, and real estate transactions. To schedule your initial consultation, call today at (706) 754-2171.