If you have reached the age of adulthood, it is likely that the time to create your estate plan has come. Even young adults can benefit from having certain estate planning documents in place, like a power of attorney that allows a trusted person to have decision-making ability in the event that the young person becomes incapacitated. Still, numerous other reasons exist for having a plan as well.
When it comes to creating an estate plan, though, some Georgia residents may question whether they truly need a plan. Though everyone has different estates and personal concerns, every adult can benefit from estate planning. If you are still on the fence, you may want to assess your affairs to determine whether now is the time to start the planning process.
Ask yourself these questions
To determine whether creating a plan is in your interests and that of your family, you may want to ask yourself the following questions:
- Do you have children?
- Do you own a business?
- Do you want to have a say in who gets what after your passing?
- Do you want to donate some of your assets to charity after your passing?
- Is your estate of considerable size and value?
- Could your estate face taxation after your passing?
- Do you want to have instructions in place for trusted parties to follow in the event of your incapacitation?
- Do you want specific people to take on important roles when handling your affairs?
If you answered yes to even just one of these questions, you have reason to start estate planning. Your plan can allow you to appoint a guardian for your minor children, designate power of attorney agents, leave business succession instructions, protect assets and much more.
How can you start?
Though taking the time to consider such immensely important matters can seem somewhat off-putting, having an estate plan in place can bring about a considerable sense of peace of mind. It is understandable to not know where to start, but fortunately, you do not have to try to move forward on your own. Experienced estate planning attorneys are available to offer you invaluable assistance throughout the planning process.
Once you understand the various planning options available to you, the benefits they offer and how much protection an estate plan can bring, you may feel more eager to get started for your own good and the good of your loved ones.