Estate planning in Georgia is not just about what happens when you die, and it is much more than deciding who gets what. Estate planning allows you to manage your assets now, prepare for what will happen in the future and show your love for your family and ensure you can always care for them.
Many people put off estate planning because they do not want to think about their death, but if you think about the ultimate goal instead, it is not a morbid process. Here are three more reasons to stop delaying the process of getting your estate in order.
1. You leave your children vulnerable
U.S. News and World Report notes that if you and your children’s other parent both pass away, you leave them incredibly vulnerable if you do not have an estate plan. Through your plan, you can appoint a guardian to take custody of your children and ensure their care. Without a plan, the state steps in; your children may end up in foster care, at least for the time immediately following your death.
2. The tax bill may be huge
Crafting a proper estate plan can reduce or even eliminate some property taxes. Without a plan, your family may end up paying a large chunk of money in taxes. You can easily protect them just by accounting for and minimizing taxation.
3. Your family may be without funds
If you do not have an estate plan in place when you die, the state takes over and your estate goes to probate. This can hold up asset distribution, keeping them in limbo. Your family, in the meantime, may have no access to money they need to pay bills and keep going with daily life.
If you do not have your estate plan in place, then there is no time better than today to start on creating it. You and your family will feel better once you have a plan.