Thinking about the future is not easy, and people often put off the estate planning process because they believe it is not necessary for their stage in life. However, planning for the future is important for Georgia adults of all ages, but it's just as important that it be done the right way. Mistakes and errors in the wills preparation process can lead to complications and issues for heirs and beneficiaries when trying to settle the estate.
Creating an estate plan does not have to be hard, but it does require a thoughtful approach. Otherwise it is very easy to make otherwise avoidable mistakes, most of which will significantly impact the future. As people in Georgia get ready to welcome the new year, it is a good time to think about estate planning goals for 2020. Here are a few mistakes to watch out for.
In many states, someone who wants to create a will has many rules to follow, including having an appropriate number of witnesses and following certain standards of preparation. In Georgia, however, wills preparation is not so complex. While this may encourage more people to leave a record of their final wishes, it may open the way for family disputes and legal challenges.
Most people in Georgia know what a will is. These legal documents give people the opportunity to outline their wishes regarding their property after they die, including whether certain properties should be sold or what should be given to heirs. Parents can even select guardians for their minor children and include that information as well. However, wills preparation is not as simple as quickly jotting down a few wishes on a piece of paper and calling it a day.
More than half of adults in the U.S. do not have an estate plan, and those who consider making one understandably want it to be as simple as possible. One industry that has assisted in this area is the do-it-yourself wills preparation websites. However, these generic forms do not allow for any unique circumstances the will creator, called a testator, may have, and they do not always comply with Georgia law.