When a loved one dies, the impact of a family member’s passing can seem unbearable, not to mention difficult—dealing with the financial aspects in the midst of suffering emotional turmoil. This is why it is critical to have an estate plan, so that your loved ones will not have to deal with picking up the disheveled pieces when you are gone.
While some people want to ignore the fact that they may die one day, it is, however, inevitable. By putting your worldly affairs (e.g. property, assets, etc.) in order, your loved ones will not be left troubled about matters concerning your estate when you pass away. In fact, it will be one of the nicest things you could ever do for your family members.
Putting Your Life in Order Starts with a Last Will and Testament
According to LegalZoom.com, a recent survey shows that 70.2% of Americans do not have a last will and testament. Sadly, many of these people who have not prepared a will or done any estate planning include parents of minor children. If parents were to die suddenly without a will in place, the court—instead of a parent—would be forced to make a decision regarding a minor child’s legal guardian. While this is one huge reason every parent needs to establish an estate plan, parents are not the only people who need to consider estate planning.
In addition to parents, anyone—young, old, male, female, single, or in a relationship—who has assets like an IRA, 401(k), life insurance, real estate property, or other assets should have an estate plan to list beneficiaries. Also, people with poor health in Georgia or elsewhere need to start estate planning. Estate planning also consists of assigning Power of Attorney. Should you become ill or unable to care for yourself, you will need someone you trust to make decisions about your health and finances.
Being prepared with a sound estate plan will provide your loved ones with your last wishes and it will relieve their frustrations in making critical decisions and dealing with certain aspects of your estate upon your death. For help determining what paperwork you need to fill out, what steps you need to take, and what you need to know about estate planning in Peachtree City, Georgia, call the Law Offices of Shane Smith at (770) 487-8999 to speak with a knowledgeable Peachtree City estate lawyer today.