Protect your estate with a last will and testament. Artist estate planning attorneys from The Law Office of Paul Black can help protect your wishes. Call us today.
Estate Planning for Artists in Georgia
It’s never too early to start planning for your family’s future.
If you have questions, I’m here to help. There is no commitment and we provide free initial 15-minute phone calls. We look forward to meeting you.
If you are an artist, you may need to consider artist estate planning to make sure your legacy and assets are managed per your wishes after you pass.
Visual artists, music composers, art collectors, and other artists are often concerned about their artistic legacy. Protecting your intellectual and tangible personal property and preventing disputes are just a few reasons to create an estate plan now.
Planning your estate can relieve your family and successors from having to guess how to best manage your legacy. Contact The Law Office of Paul Black for assistance in your estate planning.
Creating a Comprehensive Estate Plan
There are many estate planning instruments to manage and protect an artist’s estate. Here are the most common ones:
A trust is established to guarantee the proper management of your estate during your lifetime, after your death, or both, depending on whether you go for a living or testamentary trust. Personal assets, such as your artwork, intellectual property, real estate, securities, and bank accounts, can be placed under a trust and managed by a trustee.
Your estate planning attorney will help you choose the right trust for you and help you set it up.
Here’s how setting up a trust can benefit you:
Ensures your estate is managed and transferred per your wishes
Your heirs can avoid the arduous probate process
Allows you to set up a debt repayment schedule
Lowers your estate taxes
Protects your estate from creditor claims
A will is a formal statement of your final wishes, and it only takes effect after your passing. It allows you to name an executor who will be in charge of distributing your assets to your named beneficiaries.
Unlike trusts, wills must go through probate. This means that they will be accessible to the public as soon as probate court is involved. On the bright side, they are easier to create, less expensive, and allow you to name guardians to your minor children.
Power of Attorney (POA)
A Power of Attorney (POA) is a written document that appoints another person, called the agent or attorney-in-fact, to represent or act on your behalf in private or business affairs. POAs don’t expire if you become disabled or incapacitated, but they do on your death.
POAs can be medical, financial, general, or limited, depending on your needs. They are an effective estate planning tool for when you believe you are unable to make certain decisions and want to delegate them to someone trustworthy and capable.