People feel a sense of tranquility, or calmness when they pass on knowing their final wishes will be carried out, and their property will be distributed according to a properly executed estate plan.
Unfortunately, many individuals do not fully understand the benefits a will, trust or other estate planning tool might provide for them. As a result, too many people leave this world without an estate plan in place.
Estate Planning: What if I Don't Do it?
Estate planning can benefit millionaires, the middle class, as well as those of humble means. The most basic estate planning tool is a will, which documents how a person wants their property distributed once they die.
However, wills are often subject to an estate tax and must go through probate - the process of ensuring a will's validity. If a person's will is found to be invalid - or if they did not draft one at all - a person in Georgia is said to have died intestate. This means that the state distributes a person's property according to state guidelines rather than the deceased wishes.
Other Benefits of Estate Planning
Apart from preventing the state of Georgia from controlling a person's property, advanced preparation with an experienced estate planning attorney can:
- Allow individuals to leave funds to their favorite charities or organizations
- Name a trustworthy and responsible executor to administer their estate, as well as name trustees for any trusts they may create
- Help people avoid certain taxes, thus having more to leave to their family
- Ensure inheritance passes only by blood, not by marriage (protects property from future family divorces)
- Prescribe a person's wishes for long-term or other medical care, such as a "do not resuscitate" stipulation for certain catastrophic medical conditions
There are numerous more advantages people can realize, in addition to the ones listed above,if they execute a detailed estate plan
Anyone who wishes to protect their property or assets in the future and has questions about estate planning should contact a qualified attorney to discuss their best options.
