Whether you are just starting your first position out of college or have been working in your career field for a few years, as a young professional, you may not think that you need to create an estate plan yet, because you are single, don’t have significant assets or for many other reasons. Most people believe that if they don’t have significant assets or are single, they don’t need an estate plan. They couldn’t be more wrong. Taking the time to prepare your estate plan allows you to determine who will receive your estate rather than relying on state law, which may or may not reflect your wishes. In the State of Georgia, if an individual dies without a Will, their estate passes under the laws of intestate succession to their heirs.
Do I Really Need a Will?
Yes. Writing a Will allows you to name beneficiaries who will receive your estate upon your death as well as to name the persons who will be responsible for settling your affairs. In your Will, you can decide if your estate should go to your parents, your nieces and nephews, a charity, or to your fiancé, if you are engaged, just to name a few options.
Do I Really Need a Trust?
Not really, but it makes life a lot easier should something happen to you. A trust can allow the Trustee to manage your assets should you get into an accident or become so ill that you can no longer manage your affairs. If your profession is highly litigious, you might consider placing some of your assets in a trust designed to protect your assets from creditors in the event you are involved in a lawsuit.
What Other Documents Do I Need?
In addition to a Will and a trust, you should have a financial power of attorney and a medical directive naming someone to make financial and healthcare decisions for you. They can be the same person for each document, or you can choose to have one person manage your finances and another to make healthcare decisions for you.
Regardless of your age, you should have a plan in place should something happen. Contact Grissom Law, LLC to discuss the legal documents you need to protect yourself.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.