When creating your estate plan in Georgia, it’s important to think beyond what happens after you pass away. You also need a plan for what happens if you become mentally incapacitated. Without proper documents in place, a court may appoint someone to make decisions for you, which could go against what you would have wanted.
A revocable living trust is one of the most effective tools for planning ahead. It allows you to manage your own assets while you’re capable and makes it easier for someone you trust to step in if you can’t.
To make sure your trust is as effective as possible, here are a few key things to include:
Durable Power of Attorney for assets outside the trust
Not everything you own will be placed into the trust. For example, retirement accounts and life insurance policies typically remain outside of it. A durable power of attorney gives someone the legal authority to manage those assets if you become unable to do so yourself.
Clear instructions for incapacity
Your trust should explain what counts as mental incapacity and who decides when that point has been reached. It should also name the person you want to take over managing your trust assets if you’re no longer able to.
A fully funded trust
A trust only works if the assets are actually transferred into it. That means retitling property and accounts in the name of the trust. If this step is missed, the court may still have to get involved, which can delay things and create unnecessary complications.
There are other strategies that can support your incapacity planning as well. Since every situation is different, it’s a good idea to work with an experienced estate planning attorney who can help you build a plan that fits your specific goals.
At Fletcher Estate Planning in Atlanta, we’re here to help you protect your wishes, your loved ones, and your future.
