Estate administration: Plans are not one size fits all

Nearly 57 percent of Americans and almost 69 percent of parents who have children 18 years old or younger do not have a will. Although a large majority of Georgia residents both know and understand how important estate planning is, many simply choose not to follow through. It is recommended that most individuals have some sort of estate administration plan in order to address how they wish to have their property distributed once they die.

Millennials who are single and under the age of 30 have probably not given much thought to what will happen to their possessions and property after they die. However, if one of the lucky few who struck it rich during college or even beforehand, serious consideration should be placed on drafting a will. With one in place, an individual can rest assured that siblings, a significant other and/or parents will be taken care of. If not, property will instead pass through the laws of intestacy (when someone dies without a will), which may not be in accordance with the wishes of the individual.

Millennials living with a significant other -- but not married -- should seriously consider making a will. If an individual dies without one, the decedent's significant other will most likely end up with nothing, as the parents or other surviving family members will inherit his or her property. When purchasing big ticket items -- including cars and homes -- it may be appropriate to place the title in "joint tenancy with the right of survivorship" with the individual's partner -- if one partner dies, the other automatically takes full ownership of the property.

If married with kids, proper estate planning is a must. It can be simple, with guidelines for where money and property should go, as well as to appoint a guardian for the children in the event both parents die. The best place to start is to contact an experienced estate administration attorney in Georgia.

Source: FindLaw, "Estate Planning Tips: Find the Right Estate Plan for You", Accessed on June 27, 2016

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