Many young families do not think of creating an estate plan, which could be a mistake. While no one thinks something will happen to them, accidents and unexpected illnesses happen, even to people in their 20’s and 30’s. Creating an estate plan can head off many problems your family could face if something happens to you.
Just Starting Out
For young individuals who are unmarried and do not have children, even if you do not own real property, a Will can be an easy way to help your family wrap up your affairs. With the right guidance, beneficiary designations can even help avoid probate for your family. At this stage in your life, an advanced directive for healthcare and power of attorney are critical documents. These documents name individuals who can speak and act for you if you are unable to act and speak for yourself. As an adult, no one has the right to make medical decisions or get medical information on your behalf. Naming agents to act in your best interests is an important step in entering the world of adulthood.
Owning Real Property and Having Children
Once you marry and have children, your Will is the primary vehicle for naming guardians for those children, as well as setting forth how your assets should be managed on their behalf until they are old enough to manage their inheritance themselves. If you are concerned about avoiding probate, or making sure your assets pass to your children in the event your spouse gets re-married, a trust may be a good fit for you. Children create a definitive need for estate planning. As a parent, making sure your children are provided for and planning for the unexpected is a responsible action.
The Benefits of an Estate Plan
Our estate planning attorneys will help you determine which type of estate planning documents are best for your situation. Wills dictate guardians and assure your assets will pass to the individuals you name. Trusts provides two major benefits: (i) upon your incapacity, it allows the person you name as trustee to take over your financial obligations and manage your money for you without going through a lot of hassle (ii) it can assure that money left to your children doesn’t end up going to a new spouse or step-children.
Our Georgia estate planning attorneys can help you set up an estate that could significantly reduce the cost of probate and other after-death expenses to your heirs and make sure that your assets are distributed per your wishes. Contact our office at Grissom Law, LLC for a consultation regarding an estate plan regardless of your age if you plan on a family and have assets.
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.