A lot of people hear about how they need to create a last will and testament while still of sound mind. However, wills are not right for everyone. There are many other estate planning documents available, and you may benefit more from a living trust. You can get different types of trusts, but they all work to protect your assets.
Wills vs. trusts: Which one is right for you?
Properly titled assets can make wills more effecitve
It's not always easy to make important decisions for the future, especially those regarding health care and finances. Through wills, trusts and other estate planning tools, a Georgia reader can look to the future with confidence. However, every person who has an existing estate plan would be wise to review his or her documents to ensure that important assets are properly titled.
Single adults need wills and other estate planning measures
Estate planning is a process that offers benefits for most Georgia adults, regardless of income level, marital status, health condition or age. Through wills and other estate planning documents, a person can secure interests for his or her future, plan for medical care and much more. This is an especially critical step for adults who are single parents.
Misconceptions about wills and estate planning can cause problems
Estate planning is a smart way to plan for the future, but many in Georgia misunderstand various aspects of this process. Wills, trusts and other estate planning documents can allow a person to plan for his or her own health care in the future, as well as decide how to divide and distribute assets. It is also possible to outline plans for charitable giving, the care of a special needs loved one and much more.
Retirement planning should include care planning as well
It's not always easy to make long-term plans. The future is unpredictable, and it can be complicated to plan for various different types of contingencies and scenarios. As part of retirement planning, a person would be wise to also include care planning as part of that process. Planning for a potential disability or long-term medical needs is a critical part of any solid retirement plan.
Revisiting wills and other estate planning documents
A person can make many estate planning mistakes that can lead to complications down the road, including failing to have a plan in place and failing to update a will after certain types of life changes. Life is ever-changing, and this means that, in a sense, wills and other estate planning documents are ever-changing as well. Significant life events often mean that it is wise for a Georgia reader to go back and assess where adjustments may be necessary.
