It goes without saying that no one likes to talk about death. Yet, death is inevitable for every person so it only makes sense to plan for it. Unfortunately, estate planning is often neglected for many families in Georgia. Estate planning is thought of as something that only wealthy families need. However, protecting assets and securing the future for loved ones is something that can benefit every family.
What is estate planning?
Basically, estate planning involves officially writing down what a person wants to happen after he or she dies. Common ways to do this are through trusts, wills, advance directives and beneficiary designations. The lack of an estate plan can cause big issues for heirs in the event a family member passes away.
Probate
If a person dies without a will or estate plan, his or her estate will have to go through probate. Probate is a court-supervised process that can take several months or longer. The probate process also becomes part of the public record and is often very expensive. However, creating a trust can allow a person’s estate to bypass probate, saving loved ones much time and frustration.
Distribution of assets
An estate plan allows a person to allocate his or her property and assets according to wishes. If there is no estate plan upon death, these things may not get passed to the correct person. Also, an estate plan will allow parents to make a plan for childcare if they pass away.
Communicating final wishes can be difficult and emotionally draining, which is a big reason why many people are reluctant to do it. However, it is common to feel intimidated by the complexities of estate planning. Those in Georgia who have questions or would like to begin the process of estate planning may want to contact a legal representative. An experienced and knowledgeable attorney can help families create the best plan to fit their needs.