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Proper Estate Planning: It's a No Brainer for All Georgians
A properly executed estate plan can save individuals and their families time and money, as well as prevent future frustration. Continue reading to learn of the many benefits estate planning can provide.
November 19, 2011 /Law and Legal PR News/ -- Proper Estate Planning: It's a No Brainer for All Georgians
People feel a sense of tranquility, or calmness when they pass on knowing their final wishes will be carried out, and their property will be distributed according to a properly executed estate plan.
Unfortunately, many individuals do not fully understand the benefits a will, trust or other estate planning tool might provide for them. As a result, too many people leave this world without an estate plan in place.
Estate Planning: What if I Don't Do it?
Estate planning can benefit millionaires, the middle class, as well as those of humble means. The most basic estate planning tool is a will, which documents how a person wants their property distributed once they die.
However, wills are often subject to an estate tax and must go through probate -- the process of ensuring a will's validity. If a person's will is found to be invalid -- or if they did not draft one at all -- a person in Georgia is said to have died intestate. This means that the state distributes a person's property according to state guidelines rather than the deceased wishes.
Other Benefits of Estate Planning
Apart from preventing the state of Georgia from controlling a person's property, advanced preparation with an experienced estate planning attorney can:
-Allow individuals to leave funds to their favorite charities or organizations
-Name a trustworthy and responsible executor to administer their estate, as well as name trustees for any trusts they may create
-Help people avoid certain taxes, thus having more to leave to their family
-Ensure inheritance passes only by blood, not by marriage (protects property from future family divorces)
-Prescribe a person's wishes for long-term or other medical care, such as a "do not resuscitate" stipulation for certain catastrophic medical conditions
There are numerous more advantages people can realize, in addition to the ones listed above,if they execute a detailed estate plan
Anyone who wishes to protect their property or assets in the future and has questions about estate planning should contact a qualified attorney to discuss their best options.
Article provided by Teiger Law Center
Visit us at www.teigerlaw.com
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