Studies have shown that less than a third of Americans have drawn up a will. Many people might feel like they don’t need one if they don’t have many assets. However, dying without a will can result in a lengthy, drawn-out court battle. Additionally, the court will decide how their assets are divided, which might not be in line with the individual’s wishes. Adults of every age in Georgia should prepare a will even if they don’t think it’s necessary.
What are some important estate planning tips to remember?
Writing a will is one of the most important parts of the estate planning process. Individuals might wish to seek an attorney to make sure they’re writing a legally binding will that includes all their assets. Once they’ve written a will, they should periodically revise it to make sure it’s up-to-date. This is especially important if they have children or end up divorcing their spouse.
To avoid estate taxes, individuals can also give their heirs money while they’re still alive. According to the IRS, individuals can give people up to $15,000 a year. This can help people ensure that their money goes to the right person. Additionally, people can set up charitable donations to reduce their estate’s value and reduce the amount of taxes that their heirs would have to pay.
Can an attorney assist with estate planning?
An attorney could potentially assist clients with estate planning in terms of writing wills, creating trusts, dividing up their assets and other aspects of the process. An attorney might be able to offer advice and help a client create a legally binding will that divides up their assets according to their wishes.