Estate planning strategy was the focus of March’s meeting. One of our board members, Col “Snip” White, USAF, Ret. He was the featured speaker. “Snip” has accumulated knowledge over his lifetime through personal investment experience and post-USAF retirement, employment with MetLife specializing in retirement and estate planning as well as being an Executor of Wills – “last chapter of life” critical counsel.
Specifically, he focused on the need for each of us to develop the following three documents and the necessity to review them regularly as various changes occur in life, e.g., marriage, children, divorce, business creation, real estate acquisition, etc.
Current Will
Durable Power of Attorney
Advanced Directive/Living Will/Health Care Power of Attorney
Snip defined the elements of each. A Living Will directs your chosen representative to follow your wishes at the final stages of your life. The Will determines who receives the lifetime accumulation of wealth and who will administer the distribution of assets according to the probate laws of Georgia. The Durable POA is for the individual asset owner’s benefit and ensures that when you cannot make decisions, someone you appoint will use your assets to provide for your care.
He also included a checklist for the Executor of the estate containing the many administrative details and steps associated with the Probate Court that must be satisfied upon one’s death before the distribution of assets. This checklist should be included with the Will and other financial documents for the Executor. (Recommend the checklist be on top.) For spouses with “I love you” Wills, he encouraged the probate process to be executed for both parties.
Snip also stressed the need to consider spousal joint ownership of assets, where appropriate, and document those joint resources like property, bank accounts, mutual funds, etc., to simplify the “first to die” process. Everyone needs a plan to ensure their heirs receive the assets intended for their benefit. Even unmarried parents of minor children need a will that ensures the children receive the resources and have an appointed guardian and conservator.
Snip‘s discussion was valuable, with many questions fielded and answered. At the same time, he insisted that these were his personal experiences and the audience should seek an attorney specializing in estate planning. He also volunteered to be available at future HCPOA meetings if further questions arise.
The next HCPOA meeting will be on April 17th, when Alan Powell will provide a summary of the
2023 Legislative Session. Social hour starts at 6:30 PM (Sponsored by COUNTRY Financial® Insurance - Agent, Jeff Brown).
Become an HCPOA Member
Membership in HCPOA provides:
A united voice for citizen participation in assuring fair and equitable taxation for all residents of Hart County.
Regular monthly meetings with featured speakers, special topics, and sharing of relevant information.
Email communication to keep you up to date and informed about Hart County.
Periodic special sessions provide members with information about topics of interest in Hart County
Assistance concerning property taxation issues and other matters affecting Hart property owners.
Excellent networking and socializing opportunities each month at the regular meetings.
Our profile and influence will continue to grow as we gain more members. We welcome your interest and involvement.
