Estate Planning, What’s That?

The Griffin Firm is excited about the opportunity to contribute to the Atlanta Voice. The Griffin Firm has a primary purpose of educating and empowering people economically through the creation and administration of estates.  We are excited to work with the Atlanta Voice giving a voice to the voiceless. We work to strengthen the voices by supporting the growth of economic power.

As estate planning attorneys have given presentations to thousands of people and have written many articles for print and on line. We are immersed in this world and so I am surprised and amazed at the number of people who don’t know what we are talking about when we use the term “estate plan”. I believe that my people perish for the lack of knowledge. Therefore, we are committed to building the knowledge base of those whose lives we touch.

Estate planning is taking active steps to preserve, protect and transfer assets beyond our life time. We use as tools, Wills, Trusts and Powers of Attorney documents. When we create the plan we start by asking 3 questions. What happens if you are sick and are unable to make decisions and actions for yourself? What happens when you die to your body and your stuff? What is the legacy that you would like to leave to your family and community?

If you become sick and are unable to make financial decisions or pay your bills, there should be someone identified to act on your behalf. You also should identify someone to carry out your wishes regarding your health care decisions if you cannot articulate them for yourself. Unfortunately, there is not always a plan for this and in your most vulnerable condition someone could step up who does not have the integrity or sophistication to manage the assets that are necessary. 

More and more we hear about financial exploitation of the most vulnerable. A Power of Attorney is a document that can enable someone to act on your behalf for financial and business matters during your life time. The Power of Attorney continues to be effective through until you pass away or revoke the power. It is helpful in circumstances when there is a loss of capacity through dementia or illness.

You need to be mindful on how to protect your assets. You should be positioning your businesses, homes and property to avoid the probate court, creditor liens, and minimize taxation among other considerations. Your future planning to avoid law suits is as important as considering how to protect your assets from divorces of our children and nursing home stays.

When you pass away, although you don’t want to think about it, there are decisions to be made regarding how you want to honor your life. Many times those who are left behind are making the decisions without guidance. Sometimes the person to be honored has left directions or feedback as to what they would like to have happen. Sometimes there are disputes within the family and friends about the preferences. In a time of grief, we typically want those we care about to have as little additional distress as possible. You can make the decisions about how you would like to plan your final party.

The Last Will & Testament is a document that most people have heard of but not necessarily created. The Will gives the Probate court the directions that are needed to distribute your assets after passing. It is a process that is managed and directed by the Court. If you haven’t created your own Will the court will apply the law of intestacy to your assets and distribute them according to the formula. In other words, the Court has made a Will for you if you have not made your own. All assets that you own solely in your name that do not have a beneficiary designation must go through the probate process. If there is a need or desire to avoid the Probate process you should take steps to avoid them.

It is empowering to leave a legacy that will position your loved ones and your community better as a result of your life. There are many ways to support our loved ones but it will not happen if we don’t make a plan. Providing the education of our grandchildren may be as impactful as leaving a community organization an endowment. Very little happens without a plan. Estate planning has been used to create great empires. The absence of a plan has been the devolution of many assets and families. I experience many families who stop speaking as a result of the afterlife disagreements. Make the decision to leave a legacy of greatness and strength for your family.

The Griffin Firm is excited that we have opened an office in Atlanta. We host FREE workshops two times a month on Estate Planning. Attend a workshop with Attorney Shannon Wilson Rivers to understand how to Create a Legacy for your family. We know that Strong Families make Strong Communities.

The Griffin Firm 1100 Peach Tree Street NE Suite 200 Atlanta GA 30309

www.yourestateplanningattorney.com