It’s never too soon to start planning for your family’s future. If you don’t know much about estate planning law, you shouldn’t let that keep you from preparing. This guide answers common questions that people have about creating an estate plan, so you’ll be better prepared to decide what’s right for you.

4 FAQ About Understanding Estate Planning

Is a will necessary?

While no laws require you to draft a will, it’s beneficial to have one. A will is essential for identifying your beneficiaries, planning for the future care of your minor children, and making more of your final wishes known. Without a will, the state will settle these issues for you, and they may distribute your assets and grant guardianship of your children to people you don’t trust.

What is an advanced health care directive, and do I need one?

An advanced health care directive is also known as a living will, and it grants a third party authority to make medical care decisions for you. At some point, you may become severely injured or ill and be physically or mentally unable to communicate your wishes. This document lets you choose someone you trust to make those decisions for you, so you should ask your estate planning attorney to help you draft one.

What is a living trust?

A living trust is another document that can be used to pass on your assets to your beneficiaries. Since this is considered a private document, it isn’t included in the probate process. This means your beneficiaries can receive their inheritances faster, and assets are less likely to be liquidated to settle your remaining debts and estate taxes. A living trust can also help you protect specific assets.

What is the probate process?

You should only consult with attorneys who have experience in estate planning law because your plans will be affected by the probate process. When someone passes away, an estate tax is applied, and creditors can submit claims for remaining debts. During this period, which can last up to two years, the decedent’s assets are liquidated so those taxes and debts can be settled. The remaining assets are then distributed according to the terms of the will.

If you need an attorney experienced in estate planning law, Dyer & Rusbridge PC can help you. Located in Canton, GA, and serving clients throughout Cherokee County, the firm is skilled in providing estate planning and probate services. To learn more about the firm, visit their website. You can schedule an initial consultation by calling (770) 479-7418.