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Some people have wills, but they may not have estate plans

There is significant benefit in planning for the future, even if a person does not have significant wealth or valuable assets. One of the most important aspects of taking this step is that it will provide security for loved ones and beneficiaries, but unfortunately, even people who do this may not have all of the protection they need. Many Georgia readers may have wills, but they may not have complete or up-to-date estate plans. 

Wills are the foundation of any good estate plan. They allow a person to outline his or her wishes for what will happen to personal property, and they can also allow a person to decide what type of health care he or she may want in case of incapacitation. They can provide a significant amount of protection and security, but for many people, they need more than only a will to have a complete estate plan that adequately addresses all of their needs.

In addition to a will, a Georgia reader may benefit from establishing a trust. This allows a person to set aside money and assets for a specific purpose, such as charitable giving, the care of a special needs loved one and more. A trust manages these assets even after the person passes away, ensuring that there is no mismanagement of the assets or money.

Through wills, trusts and other estate planning options, a person can have confidence that his or her financial interests are secure well into the future. An assessment of a person's needs and objectives can help him or her understand what planning steps may be useful. A person would be wise to make sure his or her plan is complete and current, updating things as needed after major life changes. 

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At Hodges Law Firm, we handle a wide range of legal issues for clients throughout the Atlanta area, including elder law, estate planning, probate, Medicaid planning and protection, asset protection, litigation, and business law and services. We are knowledgeable in the law and understand the real life implications of legal actions.