While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled.

At J Riddick Law, we specialize in comprehensive estate planning services aimed at safeguarding and managing our clients’ assets. Our legal expertise encompasses a range of estate planning solutions, including:

• Wills

• Trusts

• Asset Protection Strategies

• Special Needs Trusts

• Durable Powers of Attorney

• Advanced Directives for Healthcare

• Living Wills

Let us guide you through the intricacies of estate planning to secure your legacy and provide for your loved ones according to your desires.

Why do you need a Will?

Did you know if you don’t have an Estate Plan there is already one set up for you?

When you die without a will or an estate plan, your estate will be divided up according to the Georgia laws of intestacy. This sometimes results in your assets going to people whom you may rather it not go to. With a properly drafted will, you choose who gets what. In addition, you will have the opportunity to appoint an executor who is the person who will handle the administration
of your estate upon your death.

Planning for Incapacity

Have you thought about what happens in the event you can no longer manage yourself or your own financial affairs?

Without a proper incapacity plan, your loved ones must petition a court to declare you legally incompetent. This process can be lengthy, costly, and stressful, and there is no guarantee that a person you trust will be appointed. You should secure your legacy and plan for the future by having an incapacity plan that establishes a plan for your care and finances in the event of unexpected incapacity.

Avoiding Probate

Probate is timely and open to the public. Without disputes, the probate process in Georgia generally takes anywhere between 12 to 18 months, depending on the estate’s size and complexity. With disputes and litigation, the process can take even longer to resolve.

It is not unusual for assets to be frozen while trying to determine the proper disposition of the estate. If you are married or have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled. With proper planning, your assets can be passed on to your loved ones without undergoing probate, in a manner that is quick, inexpensive and private.

Providing for Minor Children

You will want to consider if you’d like your beneficiaries to receive your assets directly, or whether you’d prefer to have the assets placed in trust and distributed based on several factors which you designate, such as age, need and even incentives based on behavior and education. All too often, children receive substantial assets before they are mature enough to handle them properly, with devastating results.

In Georgia, if a minor receives or is entitled to more than $25,000, a conservator must be appointed for the minor. The decision as to who will manage your finances under a conservatorship will be left to a court of law. Even if you are lucky enough to have the person or persons you would have wanted selected by the court, they may have undue burdens and restrictions placed on them by the court, such as having to provide annual accounting.

At J Riddick Law we will discuss a plan for your minor children that promotes generational wealth and legacy and avoids court interference.