Far too many people have no estate plan at all or have an estate plan which will not fully protect their legacy or their loved ones. Estate planning is something you may not want to think about, and it is something you may assume you don’t need if you are young or if you aren’t wealthy. Unfortunately, if you fail to make a plan, you and your family could end up in a difficult situation with legal issues when it is too late to resolve.
Pyke & Associates, P.C. can make the estate planning process easy for people of all ages. Our legal team will work with you to define your goals for your estate plan and to make use of the legal tools which provide the maximum protection for you at the end of your life and for your family after you are gone. Contact our Atlanta estate planning lawyers today at 770-507-2500 to find out about the personalized plan we can help you to create and to get answers to general estate planning questions including:
- When should I make an estate plan?
- What should be in my estate plan?
- How can an Atlanta estate planning lawyer help me?
When Should I Make an Estate Plan?
It is a common misconception that estate planning isn’t really that important if you’re young or isn’t really that important unless you have a lot of money. Both of these myths are wrong and can be damaging.
If you are young, you need an estate plan so your family doesn’t have to make difficult medical choices and deal with legal proceedings in a medical emergency. You also need to make sure you know what will happen to your children if you become unable to care for them.
If you don’t have a lot of money, you still have issues which need to be addressed by your estate plan. You may wish to take steps to protect the assets you do have in case you need to go into a nursing home, since nursing home care can be a huge financial hardship. You also don’t want to force your family to fight over assets if you pass away, and you need to address the end of life issues that could arise if you get sick or hurt.
The bottom line is, whether you are single, married, young, old, rich, poor, or anything in between, having an estate plan is beneficial to you and to everyone in your life who you care about. Making a plan isn’t hard with the right legal help, and the consequences of failing to plan in advance are too grave to take a chance.
What Should Be Included in An Estate Plan?
The specifics of your estate plan are going to be customized and tailored to meet your needs. Pyke & Associates, P.C. knows all of the different legal tools and documents available for your use under Georgia law, and will help you to put these tools to work to achieve the goals you set for your future and for your legacy.
Depending upon your situation, some of the things which you may wish to include in your estate planning process include:
- Purchasing life insurance to provide for a spouse, children, or other dependents.
- Purchasing life insurance to allow a business partner to buy your shares in a company you co-own.
- Planning for accounts which transfer outside of probate, like certain retirement accounts, to transfer to desired beneficiaries.
- Creating a plan for the care of minor children and to provide financially for minor children if something happens to you before your kids are grown.
- Making a last will and testament to determine who will inherit assets.
- Using trusts to protect assets during your lifetime and to facilitate their transfer to heirs outside probate. Trusts can also ensure heirs do not lose their inheritance through bankruptcy, divorce, creditor claims, or irresponsible behavior.
- Making an incapacity plan to address who will make healthcare decisions for you, what kind of care you want at the end of your life, and how a nursing home will be paid for if you require care.
These are just a few of the different possible components which your plan could include. Pyke & Associates, P.C. will assist you in ensuring you have done all you need to do to achieve security for yourself and your loved ones in the future.
How can an Atlanta Estate Planning Lawyer Help Me?
Pyke & Associates, P.C. provides comprehensive estate planning services to clients in Atlanta, Peachtree City, Stockbridge, and surrounding areas. Give us a call at 770-507-2500 or contact us online to learn more.