Common Myths About Estate Planning
Estate planning is an important process for all adults in Georgia to consider, yet there are many myths and misconceptions about estate planning that prevent Gwinnett County residents from ever reaching out to an estate planning lawyer. At Bowman Law Firm, we want to make sure that you have the information you need so that you can make the best decisions for your family and for your own future. The following are some common myths about estate planning, along with facts to help dispel these misconceptions.
Myth: Estate Planning is Only Necessary for Older Adults
Fact: Estate planning is very important for people of all ages, not just for the elderly or for people who are dealing with chronic or terminal illnesses. It is impossible to predict the future, and an unexpected accident or other event can happen at any time. Having a will in place can give you peace of mind at any age.
Myth: Wills Are Only Used to Leave Assets to Heirs
Fact: Wills are actually documents through which you can do much more than name parties to inherit your assets. Through your will, you can identify a guardian to care for your minor children in the unexpected event of your death, and you can name an executor to handle the final details of your estate when you pass away.
Myth: Estate Planning is Only Important for Wealthy People
Fact: While wealthy people should certainly engage in estate planning with a lawyer in Georgia, estate planning is for anyone regardless of their socioeconomic status to the amount of assets they own. Estate planning is not just about making a plan to leave assets — it also involves making important decisions about guardianship issues for minor children, as well as critical decisions about your own health care in the event that you become incapacitated and cannot make those decisions for yourself.
Myth: Making a Will is the Only Way to Leave Assets to Loves Ones
Fact: You can name individuals or entities to inherit assets in your will, but you also may have other options for leaving assets that can allow your loved ones to avoid probate. Common examples include the creation of a trust or the designation of a beneficiary in a transfer-on-death designation or a transfer-on-death deed.
Myth: There is No Need to Revisit Estate Planning Documents Once They Are Completed
Fact: You should always revisit estate planning documents with your lawyer, and with some regularity. Situations can change for a wide range of reasons, and it will be important to ensure that all of your estate planning documents are up to date.
Contact Our Norcross Estate Planning Attorneys
If you have any questions about the estate planning process, or if you feel ready to discuss making a will or creating other important estate planning tools, you should seek legal advice. One of the Norcross estate planning lawyers at Bowman Law Firm can speak with you today to answer your questions and to provide you with more information about estate planning in Georgia. We are also here to dispel any other myths about the estate planning process that you may have heard. Contact us today for assistance.
Source:
law.justia.com/codes/georgia/title-53/
