You may have heard about legal battles among high-income individuals over the estate of deceased relatives, mentioning terms like wills, trusts, beneficiaries and trustees. While it might seem that these situations only occur with wealthy families, such disputes can arise at all income levels.
In Georgia, when an individual passes away without a will, the state determines the distribution of their assets. Sometimes, the resolution might not align with the wishes of the deceased or the survivors, potentially leading to conflicts among family members. However, a comprehensive state plan can help reduce complications and provide clear instructions for asset distribution in the event of death.
An estate plan can benefit your children
As a parent, protecting your children’s well-being is a top priority. The unexpected death of a parent can be a traumatic experience for minors, especially if they are uncertain about who their new legal guardians will be. An estate plan can anticipate these issues and establish clear guidelines. For example, you can create a custody plan to ensure your children can live good lives, even in your absence.
You can develop your estate plan even if your children are young. Should you later welcome a new member into your family, you can review and update your estate plan to include them as beneficiaries. Accidents can happen at any time. It is wise to protect your children, even if your family keeps growing.
A will is helpful for estates of all sizes
You do not have to postpone creating a will because of the size of your estate. If you are an adult and have any personal property, this document can simplify the complicated legal process of death. You do not have to be a homeowner to start the process. If you acquire a house or other property later in life, you can update your will to ensure everything is adequately covered.
Additionally, you can include other documents in your estate plan, such as trusts and powers of attorney. These can help you take additional care of yourself and your family in the event of a tragic occurrence. An attorney can assess your needs and create a personalized estate plan tailored to your family’s circumstances. Regardless of the size of your assets, an estate plan can simplify legal processes during difficult times.
