Planning for the future is something most people do to some degree. Unfortunately, quite a few fail to plan for what will happen to their assets and loved ones if they were to become incapacitated or die. The simple truth is, many Georgia residents believe that they do not have enough assets to warrant having an estate plan, so they don’t. This thinking only causes problems down the line.
There are a number of reasons why having an estate plan is a good idea, even if one thinks he or she lacks the assets to have one. Reason number one is: loss of time and money. When a person dies intestate, probate is unavoidable. This can cost loved ones a great deal in time and money just trying to administer one’s estate.
Reason number two is: no control over assets. When a person lacks an estate plan, he or she has no control over what happens to his or her assets. Most people would a like a say in who gets what or how things should be handled in the event of incapacitation.
Reason number three is: family protection. A properly drafted and executed estate plan offers a number of benefits and protections to family members. Who wouldn’t want that?
Finally, reason number four is: privacy. Having an estate plan in place can keep the administration process quiet and out of probate. When a case goes to probate, it becomes public record. There are ways to avoid probate in many circumstances if that is what is desired. Not many people want their private lives and their financial situations on display for the whole world to see.
An estate plan can do a lot of good. To many Georgia residents it may seem like an overwhelming thing to set up, but legal counsel can make drafting an estate plan as painless as possible. In the long run, taking the time to set it up now will be worth it.