Estate planning is one of the most misunderstood legal terms. The phrase “estate planning” leads many people to think only about wealthy families, as most of us do not think that we have an “estate.” The truth is, however, everyone has an estate. Your estate is simply everything that you own, including, but not limited to, your house, automobiles, financial and retirement accounts, and your personal items. Your estate plan, therefore, is a strategic arrangement designed to protect the people and property you cherish the most should something happen to you.
People often either think that they do not need an estate plan or they put off creating one until it is simply too late. It is important for people to have estate plans in place so that they have control over how and to whom their assets are distributed after they pass away. Additionally, it is not uncommon for people to avoid talking about the unknowns in life with the hope that those “unknowns” will never happen. But, as we have all seen firsthand, the unexpected can happen to any of us at any time. We cannot live our lives as if we were ostriches. It is important to note that, having a well-designed and legally enforceable estate plan will not protect you from life’s unknowns, but it can provide you with the peace of mind knowing that your children will be raised by the people of your choice, that your family’s financial future is secure, and that your property is distributed in the manner you desire.
With a will or trust, people can designate who will receive their assets and even when they will receive them. On the other hand, if someone passes away without a will, the assets will be probated and passed according to the laws of intestacy. This means that your property may go to an individual that you do not want to receive anything. An estate plan allows you to control the process. Estate plans also may be used to help protect assets if an individual is sued or if they need to go to a nursing home and require Medicaid to pay for it. In addition to wills and trusts, people also want to have advanced directives and powers of attorney in place in case they become incapacitated and are unable to make important medical and financial decisions for themselves.
People do not need to wait to plan their estates and to get their affairs in order. By being proactive and planning early, individuals may be prepared in case the unexpected happens. If you have not proactively planned for incapacity or death, what happens to your children and property will be determined by Georgia law, not by you. Plan ahead and keep control of the process.
The experienced estate planning lawyers at Brown, Barbour, & Thrailkill, P.C. assist their clients with preparing the necessary legal documents so that their financial and medical requests are followed and that their assets are distributed according to their written instructions. In a nutshell, our lawyers assist our clients and their families by being prepared.
When you are ready to get started on your estate plan, I encourage you to schedule a complimentary consultation with one of our experienced estate planning attorneys. Call today at (770) 461-2025 to schedule a free consultation regarding your estate planning needs. The estate planning attorneys at Brown, Barbour, & Thrailkill, P.C. will help you find the best solution for your needs.
