Estate Planning is not solely for the wealthy. Do you have a bank account in your name? Congratulations! Having even a single bank account puts you squarely in the category of adults who have an estate. In addition to a bank account, other items, including, but not limited to, an automobile, real estate, personal items, life insurance, and retirement accounts comprise a person’s estate. These items need to be protected, and with an estate plan, you get to choose how you want these important items distributed upon your death. Monetary assets aren’t the only thing that an estate plan protects, however. With a properly drafted estate plan, minor children and/or other dependents can be provided for and protected too.
What if you become terminally ill or suffer from an incapacitating injury or illness and need help? Most of us don’t want to think about these types of things, however, with the appropriate legal documents, you can memorialize your wishes if you are unable to communicate what level of life-sustaining measures, if any, that you want taken in such an event. You can also designate an individual or individuals to work with healthcare providers on your behalf. In addition to receiving help with healthcare-related matters, you can also appoint an individual or individuals to help you with financial-related matters in a separate document. Here, you can even decide the areas where you want to grant that type of financial authority to a trusted individual. Make sure to plan and have these documents drafted while you have the capacity to make such decisions. It is advisable not to wait.
These are only a few of the benefits afforded to you with an estate plan. Schedule a consultation, learn more, and have Paige help you create a comprehensive estate plan now that will ensure your wishes and needs are met. Paige has multiple flat-rate estate planning packages so you will know the cost at the time of the consultation. She will send you a letter of engagement that will outline what you have hired her to do.
Estate planning is for any adult, regardless of material wealth or marital status. Failure to plan often leads to unintended consequences. In the absence of valid legal documents such as a Last Will and Testament or Revocable Living Trust, Georgia’s law dictates the result, which is typically not what individuals want. Taking these steps now to create an estate plan will ease the burden on others too and will often save considerable time and money.
None of us knows what the future holds. You deserve peace of mind knowing you have a plan in place. Take steps to preserve your interests by scheduling a consultation.