Estate planning is the only way to ensure your property and assets go to the people you want to receive them after your death and that your wishes regarding your own health care are honored. It also minimizes taxation and legal issues if it is planned properly.
If you were to die without making a will that is called dying intestate, and the state of Georgia will make decisions as to how your assets will be distributed. However if you make a will and lay out clear instructions this will not happen. The instructions would include who receives your property and your assets, who will care for children and pets, who your executor would be to administer your estate.
Probate is the court process that distributes your assets according to your wishes but you should aim to avoid it where possible as it is both expensive and time consuming. In Georgia it can be avoided with careful estate planning and there are several ways this can be done. For example, the state allows for the transfer of a bank account to an heir if the account balance is not more than $10,000, and in low-value estates, an order can be filed saying there is no need for probate if all of the heirs are in agreement and there are no debts to be paid.
There are other means of transferring assets without probate including living trusts, registrations transferrable on death, such as home and cars, and gifting whilst still alive, thus avoiding estate taxes.
Should you become ill and incapacitated you can include your wishes as part of your estate planning such as the type of health care you require, whether you would want to be on life support indefinitely and whether you wish to donate organs. It can also document your requirements for your funeral.
