When people think of estate planning, many believe that it is something they take care of later in life. However, people in all stages of life need to have an estate plan in the event that they unexpectedly become incapacitated from an accident or illness.
First Stage
Early in life, when you are in college or very young and don’t have a family yet, you may not think about estate planning or think you need to have any documents in place to deal with your estate. However, if you own property, regardless of how much you own, whether it’s personal property, like a car, or real estate, you should have an estate plan. Even if you don’t have substantial assets, your plan should name a fiduciary and a beneficiary in the event of your death and name agents to make decisions if you become incapacitated.
Second Stage
Young couples with children, single parents, or those who have more assets also need an estate plan. If you have children, you should choose guardians for your children and special needs adult children by nominating them in your Will. You should also consider setting up a trust for your children’s inheritance so that in the event of your death, they receive their inheritance over time and once they are mature enough to manage it. If you don’t have a family yet, but have more substantial assets, your consideration should include who will receive your assets if you die and who will handle your affairs should you become incapacitated.
Third Stage
At this stage, you might have adult children and grandchildren, or you might be caring for a special needs adult child. Living trusts and other trusts can help protect assets for your children and provide for an efficient transfer of your estate to your family. In addition, a trust can also provide privacy, since assets in the trust usually avoid probate.
Contact a Georgia Estate Attorney
For adults in any stage of life, a Will and Power of Attorney and Medical Directive are important. A medical directive allows you to name someone to make medical decisions for you when you cannot. A financial power of attorney allows someone to manage your finances while you are incapacitated. And, a Will provides your wishes for distribution of your assets and naming of guardians. Contact us at 678.781.9230 to schedule an appointment to discuss creating an estate plan that best fits your current life stage.
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.