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What benefits could be missed without an estate plan?

On Behalf of | Sep 24, 2021 | Estate Planning

It is not uncommon for Georgia residents to overlook many benefits that can come along with estate planning. Unfortunately, not knowing the full benefits possible could result in individuals not planning at all, which could put them and their family members in difficult spots later on. Before passing on creating an estate plan, gaining more information may be useful. 

If the first thing that comes to someone’s mind when thinking of an estate plan is distributing assets after one’s passing, they are not alone. This is commonly what individuals think of, and many also think of an estate plan as just being a will. However, a plan can go far beyond just creating a will and have numerous more uses than just those associated with assets, though those are beneficial as well. 

Some reasons that creating an estate plan may be wise include the following: 

  • Taking care of minor dependents by appointing a guardian 
  • Letting family members know medical wishes in the event of incapacitation 
  • Planning for the possibility of needing long-term care 
  • Ensuring that payable-on-death accounts have proper beneficiaries named 
  • Avoiding probate so that beneficiaries get their assets more quickly 
  • Addressing taxes and legal fees ahead of time 
  • Appointing trusted people to be in charge of important matters 

One of the biggest upsides of creating an estate plan is that each individual can customize it to meet his or her needs. If Georgia residents want to take minimalistic approach and simply create a will, they have that option, but they could also create a more comprehensive plan that offers various benefits to themselves now and in the future. To determine the course of action that best suits their needs and wishes, individuals may want to discuss their specific details with experienced legal professionals.  

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