Common Things People Ask Me About Estate Planning
Clients come to me not only when they need legal services, but also when they have questions. My extensive experience in the Georgia legal field allows me to assist clients with finding the answers to their most pressing concerns.
While I have listed some common estate planning FAQs and answers below, it is always best to speak to an attorney when you are ready to draft a plan. I encourage you to reach out to me online or by phone with any and all other legal concerns.
Q: Why should I make an estate plan NOW?
A: Because life is unpredictable, and we never know what could happen to us. You should not use your age as a reference to determine when to establish an estate plan.
Much like car insurance, having an estate plan in place is a safeguard that protects your assets and your family in the case of an unexpected incident. Thinking about your future now rather than later gives you more security about where your assets would go if something happened to you.
Q: What is a revocable living trust and why get one instead of a will?
A: A revocable living trust functions similarly to a will in that it states where your assets will go upon death and who will handle the distribution of your estate. However, if set up correctly, a revocable living trust will allow your family to completely avoid the expensive and time-consuming probate process, which will be needed with a will-based plan, or if there is no will at all. A revocable living trust also provides for more control over your assets.
Q: Is it ok to have co-executors and co-trustees?
A: While it is possible, it is not always a good idea. If you designate co-executors or co-trustees, you run the risk of them not seeing eye to eye on decisions. Appointing multiple people is only recommended if you are sure they will get along well. Otherwise, it is probably best to choose just one of your family members or someone else you trust to oversee asset distribution and the execution of your wishes.
Have More Questions? Ask A Lawyer.
For more answers to your estate planning questions or to learn more about the services Herman Law Firm, LLC, can provide for you, contact me at 770-609-4468. You can also schedule a consultation at my Atlanta office with this online intake form.