As part of Georgia estate planning, consider a revocable living trust to address your potential future incapacity. If you like the idea of using a revocable living trust as part of your estate plan for incapacity but don’t want to transfer your assets into a living trust now, create the trust now but don’t “fund” it yet. Prepare a limited power of attorney which authorizes another person to transfer your assets into your trust at the appropriate time. This strategy might be useful if you want to use a professional fiduciary as trustee but don’t want to incur trustee fees unless necessary. This estate planning strategy also could be useful for someone in a second marriage.
Limited Power of Attorney to access safe deposit box for estate planning purposes. If you have stock certificates or savings bonds in a safety deposit box, a limited power of attorney may authorize an individual to access these documents prior to your death.
Power of attorney to make estate planning gifts. You may wish to authorize someone to make gifts of your property on your behalf in the event of your incapacity. This can be accomplished by appropriate language in your power of attorney. The gifting language can be tailored to meet your planning goals or special situations.
Do Not Resuscitate orders, where appropriate for your estate planning. Physician Orders for Life-Sustaining Treatment (POLST) is a set of physician orders that can “travel” with a patient and be used by any Georgia health care provider to carry out the patient’s medical advance directives. This set of medical orders provides guidance regarding desired medical interventions. It is particularly useful for the very ill or elderly who have limited ability to communicate their Do Not Resuscitate wishes to health care providers.
Discuss these Georgia estate planning tips, or brainstorm other strategies to address your specific needs with your Georgia estate planning attorney.
© Karen S. Hindson, Hindson & Melton LLC