Military Estate Planning In Georgia
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As a member of the military, you have unique estate planning needs. You may be deployed overseas at any time and your family may be left without your support and guidance. Creating a comprehensive estate plan can give you peace of mind knowing that your loved ones will be taken care of financially if something happens to you. It can also help your family members avoid lengthy probate processes and manage your finances if you are deployed or injured.
To create a military estate plan in Georgia, the team at Fennell, Briasco & Associates™ can serve as your trusted legal adviser. For over 10 years, we have helped hundreds of Georgia residents with comprehensive estate planning for military personnel. Contact us today at (770) 956-4030 for a FREE legal consultation.
What is a military estate plan?
A military estate plan for active duty military members is a legal document that outlines your wishes for how your assets will be distributed after your death. Military estate planning can be as simple or complex as you need it to be, and it can be updated at any time.
An estate plan is not just about having a Last Will and Testament. It’s also about making your medical and financial desires known in the event that you become incapacitated, which is especially important for active-duty military members. In the event of your passing or incapacity, these documents explain not only your estate intentions and arrangements for minor children but also designate an agent or administrator to carry out your wishes. The ultimate aim of military estate planning is to assist you in maintaining assets and directing it to intended beneficiaries such as children, grandchildren, spouses, family members, business partners, friends, and charitable organizations.
At Fennell, Briasco & Associates™, we understand that if you own a home, you may want it to go to a specific person when you pass. With a military estate plan in place, we can make sure this happens smoothly and correctly. Contact your local probate attorneys at Fennell, Briasco & Associates™ of Georgia today so we can help get started on your military estate planning needs.
What property/assets will be a part of my estate?
What happens when a military service member passes away? Depending on the form of the military estate plan for personnel, an executor or administrator will usually take an inventory of all the property owned by the servicemember at the time of their death. The collective grouping of property that is put together is called the estate.
An estate refers to both physical and nonphysical property, which includes anything from real estate to investments. Since an estate accounts for both what the deceased owned and owed, some of the funds may go toward repaying creditors. Few people are aware of how rapidly an estate can grow in value. If you take your assets and property into account, the overall value can easily top a million dollars. This money may be given to particular people, organizations, or charitable causes at death—and it’s your duty to ensure it goes to the correct person. An estate may include all of the following items:
An estate can include all of the following items:
- Real estate, including a primary home residence
- Vehicles and other titled property (e.g., boats and motorhomes)
- Debts and loans, including mortgages, credit card balances, and other loans
- Securities, like stock portfolios and bonds
- Pensions and other retirement benefits
- Bank accounts
- Ownership/partnership interests in a business, corporation, or LLC
- Personal possessions like jewelry, antiques, and electronics
- Life insurance policies and payable-on-death benefits, depending on the named beneficiary
- Other assets, whether probate or non-probate
Want to know more about military estate planning? Fennell, Briasco & Associates™ offers FREE consultations. We’ll review your assets and prepare a plan for what happens next- so you can have peace of mind about the future.
How do you create a military estate plan in Georgia?
An estate planning attorney can assist you in obtaining the most efficient and cost-effective legal instruments for wealth preservation. An estate planning attorney will create legal documents that ensure that the intended beneficiary receives specified property at death. There’s a greater chance of error if you go it alone, and there may be disputes among numerous family members over the same piece of inheritance property. A military estate planning attorney will use the following legal tools to reduce ambiguity and provide certainty for you and your family in the future:
Last Will and Testament
Wills are the most commonly used estate planning tool in Georgia and are legal documents that name your beneficiaries that you wish to receive property upon your death and further sets out who will distribute the property to those beneficiaries. Your Will becomes effective after you die, at which point your property is distributed to those named through the Will. To ensure that your Will is legally binding, there are certain guidelines and requirements that must be followed–talk to a lawyer to make sure everything is in order.
Co-Ownership of Property
If you own property with another person, the death of one co-owner could transfer all remaining property rights to the surviving co-owner. For example, if you and your spouse jointly own a home, the death of either spouse may leave full ownership of the property to the survivor. Your lawyer can help you to find the best estate planning solution for your situation by restructuring property and ownership rights.
Lifetime gifts
Lifetime gifts are most often utilized for tax purposes. Depending on the value of the gift, you may obtain certain tax benefits by giving property to family members or loved ones during your lifetime. Always consult an attorney regarding how this particular legislation and tax rules might affect your military estate plan.
Durable powers of attorney
What if you are on active duty and become incapacitated or disabled? Who will have authority over your decisions for your medical care and financial matters if you are out of commission? You may appoint a certain agent to act on your behalf by creating a Power of Attorney. The primary goal of a Durable Power of Attorney is healthcare decision-making, while a Financial Power of Attorney handles managing your finances.
Advanced directives
An Advanced Healthcare Directive is a legal document that explains your end-of-life care strategy. Previously known as a “Living Will,” these legal papers guarantee that your family and caregivers can follow your wishes if you are seriously incapacitated with a terminal illness or gravely injured with little hope of recovery. By providing these instructions as to your medical wishes and treatment preferences, you will be taking a huge burden off of your loved ones in the decision-making process regarding your care. In Georgia, consult an attorney today about creating an Advanced Medical Directive if you are a military service member.
Military estate planning
Frequently asked questions
What happens if I don't have a will in Georgia
When someone dies without a will, they are considered to be “decedent.” In these scenarios, where the deceased does not specify how they want to distribute property at death, Georgia law automatically kicks in to determine how to allocate property. These are called intestate succession laws, and they can get pretty complicated depending on which family members are alive at the time of the intestate’s death.
Georgia law lays out a specific hierarchy for determining how property is divided up among every possible family member: spouses, children, grandchildren, parents, grandparents, aunts/uncles, nieces/nephews, cousins, and other relatives. Because this area of law can be very difficult, it can be fraught with uncertainty and disagreement among remaining family members. Always consult an attorney about what to do if a family member passes away without a will or estate plan.
Should I update my will?
Yes. For best estate planning practices in Georgia, you should regularly update your will to reflect financial and family changes in your life. Periodic review of your estate plan is an important piece of planning for the future. Contact the attorneys at Fennell, Briasco & Associates™ to modify your estate plan or will.
Find A Georgia Military Estate Lawyer Near You
It’s never too early to start accounting for your family’s financial future. By taking action to develop a military estate plan, you can reduce stress and maximize financial security for your loved ones. At Fennell, Briasco & Associates™, we proudly serve military servicemembers and their families throughout Georgia. Our mission is to provide each client with personalized attention and dedicated representation. Contact us today to schedule a FREE consultation.
