Most people in Georgia would probably agree that planning for the future is important. Despite this, there are still a lot of misconceptions about estate planning. There are many who believe they simply do not need an estate plan, while others are unsure of when they should start.
Unfortunately, there is no age limit on death. This means that it is never too early to start thinking about estate planning. When someone dies without a will in place, decisions about what happens to property are no longer up to him or her — they are up to the state.
There is no wealth limit on estate planning, either. The myth that estate planning is only for people with lots of money has been circulating around for a long time, but it is simply not true. This is partially because an estate plan is about more than just passing on inheritances. An estate plan can also make sure that someone’s finances and medical decisions are taken care of if he or she becomes incapacitated. Parents can also use wills to choose guardians for their children.
Estate planning is an important process for every adult in Georgia, not just for those who are nearing retirement or who are very wealthy. Embarking on this journey can be difficult though, especially for those who are unfamiliar with the process. Thinking about a will is a good place to start, but it may also be helpful to consider other estate planning documents, like trusts, living wills and powers of attorney.