Common Myths About Estate Planning - Part 2
Updated: Dec 1, 2018
Estate planning and wills are only for rich people. Wrong.
Even people that aren't rich need to make sure their belongings are passed in the way and to whom they want. An estate plan will allow customization and give you the power to decide how your assets are distributed. Further, you may be surprised at the assets you have. Consider your home, furnishings, vehicles, investments, retirement accounts, savings accounts, and business interests as you think about obtaining a will or estate plan. Once they start adding it all up, many people are richer than they think!
Getting a will or estate plan is too complicated. Wrong again!
Many estate plans and wills can be completed in as little as two meetings. At the first meeting, our estate planning attorney in Griffin will go over your existing accounts and policies, explain what each estate planning document means, and answer your estate planning questions. At the next meeting, you can decide which estate planning documents are right for you and provide the attorney with the information needed to draft the documents. Then, in as little as a week, your estate planning documents will be completed and you'll meet with your attorney to sign them or you may take them to be signed elsewhere if you prefer. Our Griffin estate planning attorney recommends that you sign your estate planning documents with your attorney present to be sure all legal requirements are met.
I don't need a will right now, I'll be fine if I get around to an estate plan when I'm older. Maybe, but probably wrong. It is often difficult for people to accept the fact that they will die. Unfortunately, many legal issues and unintended outcomes arise from that fact. It may be hard to say, but we will all die one day. Your day may be tomorrow, next month, or years from now, and people rarely know when their day will be. So technically, yes, you may not need a will now, and you may be fine if you get around to it years from now.
But maybe you do need a will now, and maybe planning your estate now would be helpful to your family and loved ones before you would have otherwise gotten around to it. This is especially important if you have young children; it's essential to name who you want to be their guardian. Losing a loved one is an emotional and stressful time, so making your wishes clear about the care of your children is one less thing your survivors will have to worry or be confused about.
One thing is certain, you can't create a will after you die. So why not put one in place now? You can revise it later if needed.