You are young, healthy and busy building your life. Estate planning might seem like a premature idea, something for older relatives or retirees. But life is unpredictable, and having an estate plan in place can bring peace of mind and protect your loved ones, no matter your age.
Estate planning goes beyond asset distribution
An estate plan is a set of legal documents that specify your preferences regarding your property, healthcare, and financial affairs in case of incapacity or death. Consider these key points:
- Protection for your family: If you have dependents, an estate plan can designate guardians and provide financial support.
- Control over your assets: Without a will, state laws will decide the distribution of your property.
- Healthcare decisions: Advance directives allow you to specify your medical care preferences.
- Digital asset management: In today’s digital age, it is crucial to plan for online accounts and digital property.
- Minimizing taxes and legal complications: Proper planning can reduce the tax burden on your beneficiaries.
In Georgia, if you die without a will (intestate), the state’s laws of intestacy will determine how your assets are distributed. This might not align with your wishes, especially if you are unmarried or in a non-traditional family structure. Additionally, Georgia law requires that a person be at least 14 years old to make a will, emphasizing that estate planning can start early.
As your life circumstances change (marriage, children, property acquisition), your estate plan should evolve too. Frequent check-ins and revisions may be necessary to guarantee your plan stays relevant and effective.
Do not wait until it is too late
Estate planning might seem unnecessary when you are young, but it is a proactive way to protect yourself and your family. Work with a Georgia estate planning attorney to discuss your options. With their experience, you can create a comprehensive estate plan that gives you peace of mind and security for the future.
