A large number of people in Georgia avoid estate planning simply because they don’t own a home. This practice stems from the assumption that only real estate owners need estate planning. However, estate planning has a larger scope than just real estate. Estate planning is about protecting you, your loved ones, and your wishes.
What exactly is estate planning?
Estate planning doesn’t just address your real estate or physical property. Your “estate” can include your bank accounts, investments, retirement funds, vehicles, intellectual property and a lot of other things. A plan helps you organize all your assets and outline how others should handle them during your lifetime and after your death. An estate plan can help avoid confusion, delays, and unnecessary costs and expenses, for your loved ones after you have passed.
Why do non-homeowners still need an estate plan?
As discussed earlier, you might own other assets or funds apart from a house. You need an estate plan if you don’t want to leave those items in doubt as to who receives them at your death. Without an estate plan, Georgia law, and not you, would determine who receives your assets. An estate plan provides you with peace of mind, as a plan would allow you to:
- Decide who receives your property
- Name guardians for minor children, if you have any
- Assign someone you trust to manage your assets if you’re incapacitated, or after you pass.
- Lower the risk of family disagreements and uncertainty, as to your wishes, after your passing.
Furthermore, an estate plan can allow you to make various other healthcare-related instructions in case an unfortunate circumstance incapacitates you. Some of the questions that an estate plan can help you address are as follows:
- Who has the authority to make medical decisions on your behalf if an illness or injury incapacitates you?
- Do you wish for doctors to keep you on life support under certain conditions?
- What medical treatments do you or do you not want?
Without an Advance Directive for Healthcare, laws or policies may require healthcare providers to take measures that might be against your wishes.
How to get started?
Start by taking account of all your assets and liabilities. List everything you own, including financial accounts, personal property, digital assets and debts. You can keep a list of your healthcare wishes and consult an experienced estate planning attorney who can formalize your plan in legally binding documents and ensure you don’t overlook anything.