Estate planning is a process that involves important decisions that can impact a person's family and his or her own health care in the future. The decisions made are often complex, and Georgians understand the importance of carefully considering all choices that may affect their long-term interests. Proceeding carefully and avoiding certain mistakes is an important factor when drafting wills and other estate planning documents.
One mistake people often make is attempting to treat all the children the same in their wills. This may seem fair, but it can actually lead to complications. It may be prudent to consider what each child would want or need when designating assets. Additionally, establishing joint ownership of valuable assets, such as the house, may seem smart, but it can actually lead to various complications for beneficiaries.
Another common mistake is to assume that all estate plans are created equal. Each person's plans, financial situation and goals for the future are different, and his or her plan should reflect that. Instead of copying another person's plan or ideas for what a will should say, it is best to carefully and thoughtfully craft an individual, custom-tailored plan that will provide protection for years to come.
Finally, one of the most common mistakes is when people fail to have wills or other important protections in place. No matter the value of the estate or the amount of money a person has, having a strong estate plan is prudent. With the right documents, a Georgia resident can have peace of mind and look confidently to the future.