One of the essential things adults need to do — regardless of age — is to prepare an estate plan. A typical estate plan includes a Last Will and Testament, a Financial Power of Attorney, and an Advance Directive for Healthcare, and it may include one or more trusts, whichincludes updating your assets to ensure they flow as you wish upon your death. Having an estate plan in place allows you to designate (i) who will handle your finances should you become incapacitated, (ii) your wishes at the end of your life, and (iii) who receives your assets when you pass. Take this pop quiz to see how much you know about estate planning.
I Don’t Need an Estate Plan Since I Don’t Own a Lot of Property.
False. Even if all you own is a car and a small bank account, you should have an estate plan. As you gather more assets, you can incorporate those assets to your estate plan. Without an estate plan, your estate follows Georgia’s intestate laws, which means the person who are your heirs inherit your assets.
For example, you are not married, you rent, own one car and have a bank account with $800 in it. You want your girlfriend to have the car and the bank account. If you die without a Will and without a beneficiary on your bank account, your assets will go to your heirs rather than your girlfriend.
I’m a Single Adult. A Drunk Driver Hit Me and Put Me in a Coma. My Parents Can Automatically Take Care of My Finances.
False. Once you are 18, you are an adult. Your parents do not have any right to take over your finances or make other decisions for you unless you have the proper documents. An estate planning attorney can help you create an estate plan with the appropriate documents, including an Advance Directive for Healthcare (medical power of attorney), Durable Power of Attorney (for finances), Last Will and Testament, Trusts, and other documents to help your family take care of your business should you become incapacitated or die.
Contact a Georgia Estate Planning Attorney
Creating an estate plan is often complex, even when you don’t have a lot of assets. Some documents allow various people to act on your behalf if you become incapacitated. Other documents tell others what your wishes are, including end-of-life care and who should inherit your assets. Contact us at 678.781.9230, the attorneys at Grissom Law, LLC, today 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.