While many people in Georgia know the importance of having a will in place, there is still a large number of people nationwide who do not have one, this is either because they see it as something that they will do when they get older or they are afraid to talk about their death. According to a research, as much as about 50% of people across America do not actually have a will, which can lead to series of problems upon their death. Generally, as human beings we all have a natural reluctance to contemplate our own death, but it is one of the activities of life that is guaranteed and death does not give any notice when coming, so it is important to plan ahead.
Making a Will gives you the opportunity of ordering your affairs after your death so you can control how your properties will be divided. It’ll ensure that your wishes are properly taken into consideration and make life much easier for those you leave behind. Should you die without a valid Will, the court will have to apply Georgia’s laws of intestacy in which your assets are distributed according to the Intestacy Rules (a set order laid down by law) which may not reflect your wishes.
While writing a will is very advantageous there are other forms of estate planning including revocable trusts and irrevocable trusts that provide asset protection that can be used to safeguard your properties. Different trusts are frequently used to reduce large estate taxes, to provide privacy, to qualify for Medicaid or other government programs, and to provide for asset management during periods of incapacity. In contrast to Will, a Trust can be used to distribute property before death, at death or afterward. The formation of the trust allows you to give your assets or property rights to a trustee for the benefit of a third-party beneficiary.
In conclusion, making sure your love ones are taken care of, can be very daunting, but with the help of an expert Estate Planning attorney who specializes in estate planning and administration, can provide you with the necessary help you need. Contact Grissom Law, LLC at 678.781.9230.
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