Georgia adults of all ages can benefit from considering what they want in the future, both for themselves and their loved ones. Building a strong estate plan starts with reviewing objectives and long-term goals, determining what should happen to assets and property after passing. With a few simple steps, it is possible to craft a plan that will make sense for years to come and provide peace of mind.
Estate planning is the process of deciding what will happen to assets, but it can also involve much more than that. There are tools that allow an individual to outline medical preferences, name a person to act on his or her behalf in case of incapacitation, set aside assets for a specific future use and more. One of the first steps in this is to inventory all assets and property that will need to be addressed in an estate plan.
After taking inventory of assets, it will then be necessary to take an inventory of the needs of all beneficiaries and loved ones. This may including naming a guardian for minor children, updating beneficiaries on life insurance policies or establishing a trust to pass assets to a loved one in the future. This means considering needs that are important now, as well as those that could be important well into the future.
It is important not to overlook medical directives in an estate plan. Certain documents allow a Georgia adult to name someone to act on his or her behalf in case of future incapacitation. There is no one-size-fits-all solution, and these plans can be custom-tailored to one’s specific needs and objectives.