The hallmark of traditional estate planning is the drafting and executing of a Last Will and Testament (“Last Will”).  A Last Will is a legal document which serves the main purpose of directing how property you own at the time of your passing is to be distributed to your heirs. It is common for people to erroneously believe that a person does not need to make a Last Will until he or she gets older or unless he or she should become ill. However, as a matter of estate planning, it is actually best to seek advice about a Last Will when you are young and healthy. With appropriate legal advice, a Last Will can form an important part of an overall estate planning design that could improve your life while you are young.

Even if you are not a person who needs extensive estate planning, a Last Will can be advisable for a young person as a practical matter. For example, if you are a young person with minor children, you can use a Last Will to designate the person who you would want to become the guardian of your children if you were to pass away, assuming no other suitable parent is available. You can also use a Last Will to create a trust for the benefit of your children, place part or all of the proceeds of your estate into that trust, and designate the person who is to manage that trust money for them, in the event of your death. For more information on this kind of trust, please visit the section entitled, “Trusts.”

Without a Last Will in place, the State of Georgia will dictate where and to whom your assets go when you die. If you have children who are still minors when you die, a Georgia court will decide who should become their guardian if no suitable parent is available, and a Georgia court will also decide who should manage any money that they inherit from your estate. Almost any person who applies quickly to the court has at least the potential to be appointed to these positions, even if there is a better person who for some reason does not get to court as quickly.

You should have a voice regarding what happens to your minor children and hard-earned money in the event of your death. Slatter Law will walk you through the steps to set up a Last Will that addresses all of these issues and will help you evaluate the advantages and disadvantages of a Last Will as compared to other options available to you.

To view an inventory of estate planning documents, including our last will and testament documents please click here or  register here with Slatter Law to create an account to discuss your specific needs.