When you hear about estate planning, you may think it is only for the rich or people who have many assets and real estate properties; however, estate planning in Georgia and nationwide is really for everyone, including you. In fact, estate planning is for every estate—small and large.
Whether your estate is small or you have many assets, there are still common goals including:
- Who will receive your assets after your death
- Who will manage your assets and estate if you are unable to
- Who will make your health care and personal care decisions if you are unable to
- Who will pay your remaining debts when you are gone
- Who will handle the distribution of your assets to your named beneficiaries
If you fail to plan ahead, upon your untimely death, a judge will appoint someone to handle your assets under the rule known as intestate succession. This means that you could have someone you don’t want distributing your assets to your heirs. Additionally, there could be relatives you don’t want inheriting a dime, but they will because they have a priority in the inheritance. If you think estate planning isn’t for you because your estate is small, you should really reconsider based on the information above.
Estate planning really gives you control over your assets and who will inherit certain assets upon your death. Although death is not a pleasant subject, it is better to be prepared in order to preserve your assets for your beneficiaries. For help with your estate plan, contact a skilled Fayette County estate planning attorney in Peachtree City today at Shane Smith Law today at 770.487.8999.