What Are The Benefits Of A Will?
Most people know they should draft a will, but many people also delay the process of creating one. The reality is, people of all ages should have a will. If you own any property or assets, it is a good idea to legally protect them.
Even if you already have a will, it is very important to update it throughout your life. It allows you total control over your assets and important aspects of your future, including:
- How your assets will be distributed when you pass away
- Who will make decisions for you if you become incapacitated
- Who will care for your minor kids if you pass away or are incapacitated
- Who will act as your executor and help to resolve your estate
If you pass away without a will, you cannot control how the estate is distributed. The entirety of your assets will not automatically go to your spouse. Your spouse will receive a third of the estate at minimum. For example, if you have one child, your spouse and child would each receive half. If you have two children, your spouse and the two children would each receive a third of the estate.
Georgia has laws about all of these aspects of your estate if you fail to leave a legally enforceable will behind. Your wishes will not be recognized if they are not stated in a will, and it will be much more difficult and expensive for your loved ones during the probate process.
Why Create A Trust?
A trust is another element of an estate plan that you may want to consider. A trust essentially allows you to transfer ownership of certain assets without passing them to an heir through a will. Assets passed through a trust do not need to be probated, so they avoid estate taxes that would lower their value.
There are multiple types of trusts with different benefits such as:
- Living trusts
- Charitable trusts
- Trusts for special needs
- Testamentary trusts
A lawyer can help you understand your options and build a plan customized to you.
Plan For Your And Your Family’s Future
As our founding attorney, Eric Owens, has experience as both a financial adviser and a lawyer, we have a unique perspective on how to best help our clients. We have a firm grasp of how to effectively protect estates and plan ahead financially, as well as the best legal documents to achieve this.