Many people think they only need to create an estate plan, or think about Wills, in the later part of their life. Unfortunately, for many who choose to wait, it becomes too late to create an estate plan. Even if you do not have many assets, an estate plan can assure the assets you do own pass to the people you wish to have them. While there are many reasons to create an estate plan, here are four reasons you should consider making a meeting a priority:
- You Can Make Probate Easier or Avoid Probate
A Will requires probate but can make the process much easier to navigate. A well drafted Will can have provisions that waive the accounting and inventory requirements for your Executor, which saves time and money and simplifies the probate process. For some families, avoiding probate entirely is important. Blended families, or families who believe all members may not cooperate with the probate process should look at drafting a trust to avoid the probate process. A Will requires all heirs of the estate (spouse and children, or siblings if no children, and so on) to receive a copy of the Will and notice of the probate process. A disgruntled family member can make life difficult for your Executor. A Trust on the other hand is not filed publicly, has no notice requirements to heirs, and is not submitted to the court system at all. The proper document, combined with the right beneficiary designations and asset titling, can make the process after the loss of a loved one much easier. - Protect Your Beneficiaries
An estate plan can protect your beneficiaries, especially minors or those receiving government benefits. The right words can assure that a minor or special needs individual is provided for effectively without the need for a conservatorship or jeopardizing benefits. Your estate plan, Will or Trust, can have provisions that also protect adult beneficiaries from making bad decisions, divorce, and even issues with creditors. - Asset Protection
An estate plan doesn’t just protect your assets after your death, but it can protect your assets during your lifetime. If your assets are in certain irrevocable trusts, lawsuits, creditors, and divorce concerns can be greatly mitigated. Once you suspect someone is filing a lawsuit against you, or if you are already in the middle of divorce proceedings, it is too late to put those assets into a trust. Revocable and Irrevocable Trusts can also assure that you are cared for if you are incapacitated during your lifetime. A trust allows a trustee to manage your assets for you. Medicaid Asset Protection Trusts and Miller Trusts can help assure you will qualify for Medicaid if necessary. - Reduction of Estate Taxes
Dying can be expensive. While some expenses are inevitable, with proper planning the cost of cremation, burial, probate, final creditors, and attorney’s fees can be avoided or accounted for in advance. For some clients, estate taxes can be a concern. Because the estate tax exemption amount is $12.06 million ($24.12 million a couple), most people do not have cause for concern with tax avoidance, but for those who do exceed that threshold, the right estate plan can ease that tax bill. Georgia also does not have inheritance or state death taxes.
If you do not have an estate plan, regardless of your age and the number of assets you own, contact our Georgia estate planning attorneys at Grissom Law, LLC in Johns Creek, GA for a consultation.
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.