#ESTATE PLANNING GEORGIA CHECKLIST PLUS#

In that scenario, the original power of attorney will need to be recorded along with the deeds for the transaction and will be required at closing. For example, you may be signing as power of attorney for someone else who is an additional owner of the property.

If the closing attorney’s office has instructed you to bring in any other documentation or original documents, be sure to do so. Unless your real estate agent is handling the transfer of the keys, be sure to bring them with you to closing.

If you are sending a wire, be sure to initiate that wire in enough time so that it will post to the attorney’s escrow account in time for closing. Very often when a seller is bringing money to closing the attorney will require that money to be in the form of a certified check or wired to the attorney’s escrow account. By law in Georgia a closing attorney can not accept a personal check for anything over $5,000.00, and it is up to the discretion of the attorney whether they will accept a personal check for any amount. Hopefully, you are making money on your sale, but if you have to bring any money to closing be sure to have that money in the form of a certified check made payable to yourself or to the closing attorney. If you have any questions about the termite letter, be sure to talk to a real estate professional. They can guide you through the complexities of Georgia’s estate laws and ensure that your will is properly executed according to the stipulated formalities.

#ESTATE PLANNING GEORGIA CHECKLIST PLUS#

Make sure the closing attorney has a copy of the termite letter in advance of the closing date, and bring the original with all attachments to closing. Seek Professional Assistance: Employing an experienced estate planning attorney during the will-drafting process is one of the best ways to avoid future disputes. While not the lowest-cost option in the digital estate planning space, Trust & Will offers a comprehensive will-based estate planning package for 159 for individuals and 259 for couples, plus a. A clear termite letter dated within 30 days of the closing date is a requirement of most residential contracts and can often be a condition for the purchaser’s loan. Be sure to bring either a Passport or a U.S. This person will inherit anything left over after your estate distribution.As a seller, the sale of your home can be a bittersweet experience, but the last thing you want to happen is for the sale to be delayed, or worse to fall apart because of some small but important detail.īelow is a list of some of the things that you as the seller should be conscious of in preparing for the closing on the sale of your home. You can also name a beneficiary in a “residuary” clause in your will. If you name beneficiaries to those accounts in your will, make sure the names match to avoid any confusion.Ĭhoose backup beneficiaries for your assets in case a person is unavailable or dies before your estate distribution. You should name your beneficiaries on your bank accounts, retirement accounts, and life insurance policies. ☐ Designate your beneficiariesĪ beneficiary is a person or institution inheriting a piece of your estate, such as money, physical property, or control of or interest in a business. Many people also make arrangements for pets. Your will and life insurance policies are the primary ways to plan for the needs of your surviving spouse and make guardianship designations for children and other dependents. The purpose of listing your family members is to account for the needs of immediate family and dependents. In that case, it will come out of your estate. If you don’t have one, you need to draw one up. Your will is a legal document with details on how your assets will be distributed and your beneficiaries provided for. That’s because certain debts must be paid-even after death. There’s quite a lot you need to plan for, so we’ve put together a checklist for you to follow. Listing liabilities, like mortgages, lines of credit, and other debt is a good idea as well.

Financial elements, like bonds or annuities.

Retirement accounts, like 401(k)s or IRAs.

Make sure to consider both tangible and intangible assets. This may seem overwhelming, but keeping a running list of assets is worth the time to make sure nothing important is left out. Write down everything you own of value that you can think of. Before making the choice whether to hire an attorney or do it yourself, these are general steps you can take to get started. Everyone has unique needs, and if your needs are complex, an estate planning attorney may be helpful. The best way to approach estate planning for the first time is to make a checklist for yourself.

Estate planning georgia checklist