No one wants to think about the loss of a loved one, but failing to discuss important estate planning matters can make a loss exponentially worse. For many Georgia families, sitting down for a discussion about wills and other estate planning documents can actually bring about a significant sense of relief. According to one study, only around 21 percent of parents have shared their plans with their adult children. That can leave many with unexpected outcomes when the time comes.
Families can and should schedule a time to sit down and go over the existing estate plan. That includes sharing the details of wills, trusts and other inheritance options. These plans can save heirs a great deal in taxes, if the estate plan is structured properly. Knowing what to expect is also important.
In addition to matters of inheritance, a significant portion of estate planning focuses on how things will occur when a loved one is still alive, but might be incapacitated due to illness or injury. Powers of attorney, health care directives, and certain forms of insurance all play a role in ensuring that a parent is able to spend his or her final years in the manner they choose. This level of planning also relieves stress on adult children who will provide or facilitate that care.
For those in Georgia who aren’t sure where to begin, scheduling a family meeting is a great place to start. Some families will include an estate planning attorney or financial advisor to answer any questions that arise. However, for those who already have wills and other documents in place, a simple family dinner will often suffice to reassure all parties that a solid plan is in place.