Families in Georgia can benefit from having an estate plan in place. They do not need to be wealthy to need this plan because estate planning goes beyond just passing assets down to the next generation. Being left without an estate plan can make an unfortunate situation worse when loss strikes a family.
The obvious benefit of an estate plan is that there is an assurance that loved ones can have financial security in the future. The plan can either ensure that an estate goes more quickly through probate or avoids the process entirely. It can even help protect assets in the future if there is a need for long-term care. However, time is usually of the essence here because the estate plan needs to be in place in advance to be effective.
An estate plan can also encompass medical care issues and other advance directives. In other words, the plan can help speak for someone when they can no longer make their wishes known. This may also include issues such as child-rearing decisions if there are minor children involved. Families may be reticent to work on an estate plan because they do not understand what it takes, or they may not even want to comprehend a situation that involves their own eventual passing. However, these excuses can lead to difficult circumstances if there is no plan when it is needed.
A will and probate attorney may help take a complex concept and make it more understandable for their client. They may sit down with their client and help them begin an estate plan from scratch that reflects their wishes and priorities. Proper estate planning is a must because an error can complicate or nullify a person’s plans for the future.