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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 a minimum. 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.
To meet with us and start discussing a will and trust, call 678-971-4971 or contact us online. We serve Gainesville and all of Hall County.
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