While the idea of estate planning may seem straightforward, many people in Georgia aren’t quite clear on what the process actually entails. The confusion can lead to many misconceptions that can cause difficulty for loved ones and beneficiaries down the road.
Estate planning is an integral part of planning for your future and your loved ones’ futures upon your death. Like many others, you may be under the impression that you’re too young to begin estate planning or that you don’t have enough assets to justify the process. These are among the many estate planning myths that you should be aware of.
Your estate isn’t large enough to justify planning
There’s a widespread belief that only the incredibly wealthy need to create estate plans. The reality is that you need an estate plan no matter how much or how little you have. After all, you’ve worked for every asset you have. You deserve to have a say in how your belongings will be handled upon your death.
An estate plan is just about property
An estate plan isn’t just about property and possessions. It also addresses important matters such as who will be responsible for your minor children if you become incapacitated. An estate plan also includes instructions about your health and well-being.
Everything you own will go to your spouse anyway
If you have a spouse, the thought of dividing your assets may seem a little bit easier. However, that doesn’t necessarily mean that you don’t need to plan your estate. What if you and your spouse die at the same time? Are there certain things that you’d like your children to receive? Estate planning makes your wishes explicitly clear.
The time to begin planning your estate is now. To start the process, a probate and estate planning attorney may be able to guide you through any complexities surrounding the process.
