Creating a plan for how your assets will be distributed and who will care for your loved ones after you pass requires attention, foresight, and legal knowledge. Many people put off these critical decisions, believing they have time or that estate planning is only for the wealthy. According to Trust & Will’s 2025 Estate Planning Report, 55% of Americans have no estate planning documents, leaving their wishes and their families unprotected.
At Taylor Odachowski Schmidt & Crossland, LLC, we help individuals and families in St. Simons Island establish comprehensive estate plans that reflect their values and protect their loved ones. Our attorneys provide guidance on wills, trusts, and other estate planning tools that give you peace of mind.
Understanding Wills and Their Role in Estate Planning
A last will and testament transfers your property and assets to the people or organizations of your choosing. You will also name your personal representative and guardian if you have minor children.
When someone passes away without a will, Georgia’s intestacy laws determine how assets are distributed. This process may not align with your wishes and can create unnecessary complications for your family. A properly drafted will gives you control over who inherits your property, who manages your estate, and who cares for your children.
Key Components of a Will
Your will should clearly identify your beneficiaries and specify what each person will receive. You also need to name a personal representative who will manage your estate through probate. For parents with minor children, naming a guardian is one of the most important decisions in a will.
A will can address specific items like family heirlooms, real estate, and financial accounts. It can also include provisions for charitable donations and instructions for your funeral or memorial service.
Trusts Provide Flexibility and Privacy
A living trust creates a mechanism to manage your property during your lifetime and after your death. Unlike a will, a trust allows your assets to pass to beneficiaries without going through probate court. This can save time and money and keep your estate matters private.
With a trust, you transfer ownership of assets to the trust while maintaining control during your lifetime. You can modify or revoke the trust as your circumstances change. After your death, the successor trustee you named distributes assets according to your instructions.
Benefits of Establishing a Trust
Trusts offer several advantages for estate planning. They provide continuity if you become incapacitated, allowing your chosen trustee to manage your affairs without court intervention. Trusts also protect beneficiaries who may not be ready to manage large inheritances by allowing you to set conditions on distributions.
For families with complex assets or concerns about privacy, trusts offer an effective solution. They can also reduce estate taxes and protect assets from creditors in certain situations.
Additional Estate Planning Documents
A comprehensive estate plan includes more than just a will or trust. A Georgia Advance Directive for Healthcare allows you to state your healthcare, end-of-life, and afterlife wishes. You can appoint the individual(s) of your choosing to make decisions about your healthcare if you are unable to provide informed consent.
A Statutory (Durable) Power of Attorney designates the person(s) of your choosing to handle your financial matters and act on your behalf if you are unable to do so. The intended effect and scope of a Power of Attorney depend on its purpose, as no single POA will address all situations.
Family Limited Partnerships for Complex Estates
For families with substantial assets or business interests, a family limited partnership can be used to manage your property similarly to a trust, but it also allows for additional tax planning. This structure can help preserve wealth across generations while providing flexibility in asset management.
Choosing the Right Estate Planning Tools
The right combination of estate planning documents depends on your unique circumstances. Factors to consider include the size and complexity of your estate, whether you have minor children, your family dynamics, and your goals for asset distribution.
Some people benefit from a simple will and power of attorney documents. Others need the additional protection and flexibility that trusts provide. Our attorneys evaluate your situation and recommend strategies that align with your objectives.
Regular Updates: Keep Your Plan Current
Estate planning is not a one-time event. Life changes such as marriage, divorce, the birth of children, or significant changes in your financial situation may require updates to your documents. We recommend reviewing your estate plan every few years to confirm it still reflects your wishes.
Why Work With Taylor Odachowski Schmidt & Crossland, LLC
Our distinguished team has years of experience in various practice areas. For TOSC clients, that means there are a few scenarios that our team hasn’t seen and navigated successfully. With equal parts empathy and expertise, we doggedly pursue the results you’re after while delivering outstanding representation and a fully collaborative experience.
We have been in the same location next to the St. Simons Island Lighthouse for decades. We take pride in serving and guiding thousands of clients through legal challenges and crafting solutions that protect their interests. Contact our office to schedule a consultation about your estate planning needs.
