Making plans for your assets and wealth after your death is not anyone’s definition of a jolly good time. Unfortunately, it must be done unless you want your personal property and wealth to be distributed through probate court. This would be an emotional and logistical nightmare for all involved. You don’t want that.
More than half of all Americans don’t have a will, and this can cause all sorts of problems should tragedy strike. The death of both parents in an accident could leave their children’s fate up to a judge. The assets of a blended family might not wind up being distributed the way you like. And should you become incapacitated, medical choices may not be those you would want.
Estate planning will save you from unfortunate outcomes. Everybody should have at least the most basic estate planning, even if you have very little assets. Spending the time it takes to get your affairs in order is one of the best gifts you can do for your family.
Even if you already have a plan in place, you should have it reviewed from time to time based on changes in your life. Perhaps you have acquired property or the person you have chosen to administer your estate is no longer capable.
Goldberg and Associates, your estate planning service in Atlanta, offers estate planning tips you should know about.
Obtain Legal Counsel
Your situation is unique and your estate plan should be custom crafted to ideally suit your specific needs. Estate planning is a very serious business and a missing signature or one wrong word can change the entire intent of a trust or will.
In addition to this, state laws are very specific about what can’t and what can be in a will, trust or financial power of attorney. Working with a qualified estate planning attorney will help you avoid simple, yet costly, mistakes.
Be Prepared for Updates
Your estate plan is based on the circumstances that exist right now. Without a doubt, things will change over the years and your current plan may become obsolete. Your estate plan should be an ongoing process that gets updated on a regular basis.
You Must Consider Latter Life Possibilities
Many people think that estate planning is strictly a financial endeavor that will come to fruition upon your death. You just can’t look at it this way as there are other scenarios in which you must consider.
Approximately 40% of people 85 years of age and older will contract Alzheimer’s or suffer some other form of dementia. If you do nothing to prepare for this, the courts could appoint a conservator to manage your affairs.
Take matters into your own hands and ensure your estate plans include provisions in the event you become incapacitated.
Avoid DIY Plans
You have been thinking about creating an estate plan for quite some time, it is causing you to lose sleep at night. You decide to do something about it so you impulsively decide to take action by finding a website to fill out documents.
There are plenty of websites out there that sell generic templates that you can fill out. In the eyes of the law, these will work, but that doesn’t mean you have made the right choice. Remember, the stakes are high, so let’s hope you filled that out correctly and accurately.
Take an Inventory
Take an inventory of your liabilities and assets to determine your net worth. Spend time doing a little homework before paying a visit to your attorney and the meeting is sure to be far more fruitful.
Contact Goldberg and Associates with any questions you have concerning your estate plan.