In Georgia and elsewhere, many people create estate plans to protect themselves and their assets for the future while specifying what they want to happen to their property and assets upon their passing. Still, there are others who elect not to create an estate plan for whatever reason, and some of these reasons stem from common myths people believe about estate planning and asset succession. Here are a few examples of the false information people may believe that can lead to problems administering their estates when the time comes.
False information and unfounded beliefs
Those who die without a will are said to be intestate, which means that the state will decide what will happen to the person’s assets and property during the probate process. Another common problem is an estate being contested by family members and would-be heirs who feel they did not receive any or enough of their share. This can, of course, be exacerbated by the decedent not having a will in the first place, and here are some reasons people may elect not to create an estate plan:
- People feel they do not have enough property and assets to pass down
- People believe their loved ones already know their wishes with regard to asset succession
- People are afraid of the cost of creating a formal estate plan
- People mistakenly assume they will not encounter mental incapacity or some other debilitating condition that prevents them from making important legal decisions
- People let their hubris get the better of them and refuse to face their own mortality
For all of the reasons people have not to create an estate plan, there are just as many reasons to create one. While people can save a little money with so-called do-it-yourself estate plans online, those can create problems down the road as well. The best course of action is to speak with an experienced estate planning attorney in Georgia so that all aspects are covered and the documents will be valid. The cost of using a lawyer upfront will likely more than pay for itself in the long run.