Will and trust lawyers in the Atlanta, Georgia, area recognize that there is no one-size-fits-all approach to estate plans. Every situation is different, and each person needs individualized attention. While there are services that offer cookie-cutter forms that will supposedly allow you to set up a decent plan, there is no comparison to working with an actual estate planning attorney who can work with human understanding to meet your real needs.
For example, the needs of women have been changing dramatically over the past several years. Gone are the days when a woman was expected to stay home and live on an “allowance” if her husband chose to give her one. Instead, so many women today have their own jobs, their own finances, and their own desire to protect their assets.
Older Women and Widows
In addition, women typically live longer than men. So, even if the husband was originally in charge of working with the will and trust lawyer, once he has passed away, the widow has an entirely new set of needs. She needs to make sure that her estate is able to support her as costs continue to rise, as well as to determine what she would like to have happen to her assets after her own death.
Not all estate planning lawyers in the Atlanta GA area are current with the times, either. There is still a tendency to create trusts that will “take care of them” without them actually having any say over the contents of the trust. Today’s women are often quite capable of managing their own finances and are better served by having flexibility to grow their funds rather than being restricted by the trust.
There are plenty of reasons that a younger woman should to meet with an Atlanta will and trust lawyer, too. In the case of a single mother, assigning a guardian is critical in case of the mother’s death or incapacitation. If a guardian is not legally named, the courts will step in and choose a guardian for the child without taking the mother’s wishes into consideration. An estate planning attorney may also advise younger mothers to consider setting up a trust for their child(ren) and maybe even to look into life insurance policies that could be used to fund the child(ren)’s future.
Whether married or not, many younger women have careers and would benefit from retirement planning in this earlier stage of life. By being proactive early on, a woman can set up her 401k and other accounts to make sure she realizes her long-term financial goals. Looking to retire young, to pay for your kids’ college, or to travel the world? A will and trust lawyer in metro Atlanta can help put things in motion now to make that a reality later.
If you have a significant other in your life, it makes sense for the two of you to work together with your Atlanta estate planning attorney to make sure that your goals align and that your plans are compatible. Your attorney can help you properly deal with “his, hers and ours” to ensure that your assets are titled properly and that your financial house together is built on a solid foundation.
Image courtesy of Ambro at FreeDigitalPhotos.net
There are a lot of reasons to consider setting up trusts for your children, but trust and estates lawyers in Atlanta see far too many cases where this just isn’t done. One of the biggest reasons for not setting up a trust could be that you just don’t think you have enough assets to warrant one. We hear about “trust fund babies” and automatically think of the super wealthy, not regular folks like ourselves.
Really, though, even those in the middle class should be thinking about setting up trusts for their children. Even if you don’t have a lot of extra money lying around, you have other assets that can quickly add up in value. Add to that the payout from a life insurance policy, and you suddenly realize that you have quite a bit of financial worth that might be left behind to children who are not ready to handle it. Anything more than about $100,000 is reasonable to consider putting into a trust for children here in Atlanta
What Does the Trust Do?
When you set up a trust with your trust and estates lawyer in Atlanta, you will discover that there are many different ways to use this tool. One of the most important benefits of a trust is that it allows you to stipulate how your children will use the money you leave behind. If your intention is for your kids to use the money for college, but they want to use it to buy a sports car instead, what’s to stop them?
In your case, the trust is what can stop them. You can implement restrictions on how the money is spent. You can, for example, determine that the funds in the trust are designated for specific functions, such as paying for education or day-to-day expenses. In some cases, there is a designated adult to help keep things on track, although this person must be chosen wisely. In other cases, the parent sets age limits on the trust, assuring that the children don’t have access to the money until they have more time to mature.
Protecting the Trust
Another reason to consider a trust is to protect your children’s money from misuse by the adult in charge of the funds. In the case of a “custodial” account, the person in charge can have a lot more say in how the money is spent. This could translate into frivolous expenses, including paying himself or herself an unrealistic amount to “manage” the funds. With a trust, however, the person in charge (the “trustee”) is held more accountable and is required to follow your wishes.
If the trustee does manage the funds poorly, it is also possible that your child would have some legal recourse, as the trust is a legal contract.
Talk to an Atlanta Trust and Estates Lawyer
The best way to determine if a trust is right for you and family is to talk to an Atlanta trust and estates lawyer. Our attorneys are available to sit down with you at no-charge to review your estate plan and consider how a trust or other estate planning tools can best meet your needs. To schedule a complimentary Georgia Family Treasures Planning Session, simply call 770.425.6060 and mention this article.
By Steve Worrall, Atlanta, Georgia estate planning attorney
As an Atlanta and Marietta estate planning attorney, I know Generation Y has a lot to think about…starting their careers, buying their first home, starting a family. All of these things are beginnings, so it’s a rare day when someone in this generation wants to think about The End. But there are 4 reasons that they might need to…
A lot of people think that youth is an excuse for putting off doing a will or trust. But estate planning is not just about planning for your death. It is also prepares you in the event you experience an incapacitating injury and are unable to make your own financial or medical decisions. While the odds are certainly in your favor that you will not need an estate plan, you should still consider these four scenarios…
1. You need a plan in the event that you become disabled or incapacitated.
Unfortunately tragedies happen every day. And you are not immune to them because you are young. If something happens to you and you are no longer able to make decisions regarding your own financial, legal, and medical affairs you’ll need to make sure that there are basic documents in place such as a medical directive, power of attorney and HIPAA authorization so someone can.
2. You need to pass your assets.
You might be asking, “What assets?” Even if you do not yet own your own home, you need to consider IRAs, retirement accounts and life insurance accounts offered through your employer. You need to make sure that beneficiaries are named in the right way to make sure that the people you want to leave them to get maximum benefit.
3. You need to name guardians for your kids.
If you have children, you simply must name guardians. You should be the one who decides who will raise them if you are no longer around. You do not want this decision left to squabbling relatives or to a court system who doesn’t know you or your child.
4. You need to plan for your pets.
If you have a pet, chances are they are a big part of your life. They are totally devoted to you and also totally dependent on you. Have you stopped to think what might happen to them if something were to happen to you? If you want to make sure your companion is cared for if the unexpected happens, you could choose to put together a plan for their continued care. The plan may include directions about feeding, medical care and other needs along with funds necessary to provide for your pet’s support and to compensate the caretaker.
The scenarios above are just a few to consider when deciding if you need a will or trust. If you are in the Atlanta area, I encourage you to talk with an Atlanta and Marietta wills and trusts lawyer. Only then will you have the peace of mind of knowing that you are fully protected.