QUESTION

How do I set up an living will? Which type would be best for me revocable or irrevocable trust

Asked on Sep 23rd, 2020 on Estate Planning - Georgia
More details to this question:
I have a will, but recently had to deal with my brother's estate which had no will. Probate is consuming and I would like to leave my assets to my heir without probate court or public record of assets and who gets what.
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2 ANSWERS

Probate Litigation Attorney serving Lawrenceville, GA at Robert W. Hughes & Associates, P.C.
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To avoid probate, which is truly not cumbersome or expensive in Georgia, you need to have all assets titled in joint name, or have beneficiaries identified for the assets, or you need to establish a revocable living trust. Not a living will. Most good estate planning lawyers can assist you with establishing a revocable trust.
Answered on Sep 24th, 2020 at 6:48 AM

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Wills Attorney serving Alpharetta, GA
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Please accept my condolences on the loss of your brother. As for your question: no one can advise you on what kind of estate planning documents you should have in place in this kind of forum. You need to contact an estate planning attorney and get a consultation in order to get personal advice on that kind of thing. That said, I'll try to answer your question in general terms so you have more information. 1. A Living Will is a health care document, not a document that addresses what happens with your assets. In Georgia, the Living Will has actually been eliminated as a separate document- the topic that it covers, which is actually only the kinds of medical treatment and life support that you do (or do not) want provided if you are determined to be in certain medical situations where your prognosis is dire, is now covered by an Advance Directive for Health Care, which also appoints an agent who can make a much broader array of health care decisions for you. That said, you should have an Advance Directive, yes- everyone should. 2. A Will (as opposed to a Living Will) is a document that says, basically, "Now that I am dead, here's how you should distribute my probate estate assets and who's in charge of doing that." In order for the Will to become legally effective after your death, it has to be admitted to probate. In Georgia, probate is actually a relatively inexpensive and quick process, IF (a) the Will is well-written; contains a self-proving affidavit; waives bond, inventory, and reports; and grants the executor sufficient powers; and (b) none of the heirs are underage, missing and unfindable, or in disagreement with the validity of the Will. The part that most people find difficult and time-consuming is actually not probate: it's the process of administering the estate- determining what debts need to be paid, collecting assets, filing needed tax returns, and winding up and distributing the estate's assets. 3. Having a trust does not avoid administration- you still have to administer a trust. And, to make the administration process somewhat shorter using a trust, you have to move your assets into it while you are alive, meaning more work for you. You may be okay with that, you may not be. You could also have other special issues that may make it more worthwhile to do so. 4. In most cases, an irrevocable trust is not necessary. A Revocable trust is what is generally used if a person wants to include a trust as part of an estate plan for some reason. Irrevocable trusts are done for tax planning reasons, mostly, and sometimes Medicaid planning. Please get a consult with an experienced estate planning attorney who focuses on estate planning. Best wishes to you.
Answered on Sep 24th, 2020 at 5:20 AM

This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.

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