When plans are not made for an estate, money and other assets can pass to unintended recipients. After the recent death of Prince, the lack of a will has caused his estate to enter probate proceedings. The probate process can prove extremely expensive, ultimately degrading the assets of an estate. Due to this, many in Georgia and throughout the country have begun making legal plans for their estates.
A recent article describes the dramatic increase in the number of wills and estate plans being created following Prince’s death. Sorting through a $300 million-plus estate without a clear direction as to where the assets should go has proved challenging. Legal proceedings may become protracted, and valuable assets will most certainly be sacrificed during this time-consuming process.
The articles states that less than 70 percent of people over the age of 55 have a will, and that number drops to 22 percent for those under age 55. During the past month, several legal sites that offer estate planning services have reported an increase of 46 to 61 percent in numbers of those seeking to create wills or make plans for their estates. Despite what many may think, the cost to create a simple estate plan can run as low as $2,000, and the process can sometimes take only a day.
Considering how one’s assets will be divided when he or she passes away could save a significant amount of money and time for his or her intended beneficiaries. A Georgia attorney who focuses on estate planning can evaluate a client’s unique financial position and recommend a strategy that will align with what that client desires to occur after his or her passing. In this way, someone can ensure that his or her wishes for asset distribution are followed and that money is not wasted unnecessarily.
Source: Fortune, “Prince’s Death Is Prompting an Uptick in Wills“, May 24, 2016