Estate planning is a prudent step for all Georgia adults, regardless of income, the size of the person’s estate and health status. For married and single individuals alike, there is significant benefit in drafting wills and other estate planning documents to have protection and peace of mind. Failure to have even a basic will can be financially imprudent, leading to risk and complications down the road.
Despite the need to have an estate plan and the ease with which a person can draft one, many people fail to take this important step. In fact, studies suggest that as many 59 percent of adults do not have even a basic will. Adults of any age should have a will, but this is particularly important for people who are parents, as well as those who own property.
A will determines how a person’s estate, which includes money, assets, real estate and more, should be divided upon death. A person can also plan for disability and other medical or financial contingencies by drafting a power of attorney and naming a health care proxy. A person may not need the protections provided through his or her estate plan for years to come, but it is always prudent to plan for the future.
Wills, trusts and other estate planning tools are designed to allow people to have a say over what will happen to their property after their death and what type of care they may want down the road. If a person does not have a plan, it is prudent to move forward with drafting the appropriate documents as soon as possible. It may help to first discuss estate planning needs with a Georgia attorney.