Use An Estate Plan To Protect Your Assets
Estate planning is an individual’s decision about what he wants to do with his possessions at the time of his death or during his lifetime. Every person has an estate. An estate is simply what you own or possess during your life and at the time of your death. Whether you own a home, a car, stocks and bonds, a pension or only personal property like household items, you have an estate worthy of being protected.
Protecting your property is the premise of estate planning. Imagine working intensely throughout your life and saving for big-ticket items. Whether you purchase the items or the funds remain in one of your personal financial accounts, you would not want to lose or relinquish what you have earned to just anyone. At The Barnette Law Firm, LLC, Attorney Kedra M. Gotel can help you protect your assets and have them distributed in the manner that you choose.
Why Do I Need A Will?
Your last will and testament is the starting point for your estate upon your death. A will is a legal declaration of a person’s intention regarding the disposition of his property after his death. It ensures that your property will be disposed of in accordance with your wishes. Some important facts you should know include:
- Marital deductions: Marital deduction is a type of tax law that allows spouses to transfer property between them tax-free.
- Year’s support: This is essentially a way for omitted people to receive a portion of the deceased person’s estate, regardless of the deceased’s wishes.
- Definitional section: All the wills we draft have a definitional section. Why? Because it provides clarity to the court and the executor when determining the deceased person’s intentions.
- Real property: Your house or a building.
- Personal property: All property that is not real property.
- Executor: An executor is a person or persons whom you trust to execute the will or rather carry out your final wishes.
- Personal representative or administrator: If you fail to appoint an executor, the court will appoint someone to distribute your property. These persons are often called personal representatives or administrators.
- Residuary estate: Any property not specifically gifted to another person or entity/organization will become a part of your residuary estate.
The benefits of having your will drafted by The Barnette Law Firm, LLC, are numerous. We have special recognition in the area of estate planning. In 2001, Kedra M. Gotel received the CALI Award for Academic Excellence in Trusts and Estates Law. Such award is given to law students who achieve the highest score in a law school course. In addition, Attorney Gotel continues to volunteer her time and efforts to help legal aid clients in the metropolitan Atlanta area.
What Other Documents Should An Estate Plan Have?
Next, in your estate planning arsenal you should have an advance directive for health care. It is an essential document that every person should have drafted by an attorney. Your health care directive allows you to authorize another person to act on your behalf in matters relating to your treatment preferences i.e. wishes about medications, medical devices or other medical preferences. Another important basic estate planning document is your financial power of attorney. This document allows you to authorize another person to act on your behalf as it concerns your financial responsibilities or affairs.
Plan The Future Of Your Assets With An Estate Plan
You worked diligently during your life to acquire your property. Make sure that it goes to the people you want. Contact Attorney Gotel at her office in Atlanta to discuss how you can make an estate plan that protects your assets. Call 470-567-9635 or send her an email.