Many Georgia residents will die in 2024, and there is no way to predict who it will be. You might be young and think you’re in good health, yet a sudden accident or other issue could cause an untimely death. In fact, the only thing that is 100% certain in life is that every person will die, which is why the estate planning process is beneficial at stages of adult life.
Several issues cause many people to hesitate when it comes to planning their estates. You might be among those who have received misinformation or those who believe one of the many myths that circulate about the estate planning process, such as a misguided belief that it’s only for those who are wealthy. After reading this blog, you will have a better understanding of Georgia estate laws and, perhaps, will be able to dispel some of the myths that have kept you from executing a solid estate plan.
Are you avoiding the estate planning process for these reasons?
The following list includes numerous issues that cause people to avoid estate planning, one or more of which may be relevant to your circumstances:
- Fear or dislike of thinking about or discussing death
- Perceived lack of time
- Wanting to avoid family discord or disputes
- Believing that you do not have enough assets to make it worthwhile
- Lack of understanding about the estate planning process
- Thinking that it’s too expensive to execute a plan
- Belief that you’re too young to need an estate plan
While it’s understandable how such issues may cause you concern or to question whether estate planning is beneficial in your case, gaining more knowledge about the process might make you change your mind.
Keep these things in mind regarding your estate
If you’re an adult and want to protect your assets or provide for your loved ones, the estate planning process provides a way to do so. Whether you are a person of simple means or high net worth, there are benefits to executing a last will and testament, as well as other documents, such as an advance directive or power of attorney. On the contrary, if you do not implement a plan that includes these documents, several things will happen.
Your estate will become intestate when you die, which means a probate court judge will determine how to distribute your assets, which may not necessarily align with what you would have wanted. Even before you die, not having an estate plan can affect your life. For example, if you become incapacitated and unable to act on your own behalf, having an advance directive or power of attorney in place ensures that others will carry out your end-of-life care in accordance with your wishes.
Create a plan and keep it updated
The best way to protect your Georgia estate and to ensure that your preferences are carried out regarding end-of-life issues is to execute an estate plan and keep it updated. Many people ask an estate law attorney to help them craft a plan and to periodically review it to recommend changes or updates.