When you’re thinking about the future, estate planning might not be the first thing that comes to mind… But it definitely shouldn’t be the last.
Having your affairs in order in a plan that designates where your assets and belongings should go at the time you specify is a simple way to make sure your wishes are respected.
Life is full of surprises – and not all of them are good ones. At Marietta Estate Planning, we know the best way to make sure you have the power to make the necessary decisions in a time of crisis is to have it properly documented in writing.
Unfortunately, mistakes are made when it comes to estate planning — both in Georgia and throughout the U.S.
Here are the top 7 mistakes people make, and how you can avoid them.
1. Failing to create an estate plan
The sad truth is that more than half of adults in Georgia do not create an estate plan, leaving their assets vulnerable and their family without a plan of action.
2. Failing to update the plan over time
This one is a big one! Many people incorrectly believe that an estate plan is a one-and-done deal, but that couldn’t be farther from the truth. As time passes, your plan will need updating — marriage, divorce, and children are just some of the life changes that may require edits. Your estate planning attorney can help you with these updates over time, as well.
3. Failing to consider incapacitation
Life is full of surprises, which is why it’s so important for your estate plan and your family to include a plan in the case of disability or incapacitation. There are 2 fixes for this:
- A power of attorney: Granting someone the power to make healthcare decisions for you and handle your finances.
- A living trust: Designating a person to manage your assets for the eventual beneficiary.
Talk to your Georgia estate planning lawyer about which option is best for you.
4. Choosing the wrong person to handle your estate
Every state has some rules about who may serve as the executor of an estate that goes through probate. In Georgia, your executor must be at least 18 years old and of sound mind. But that doesn’t mean you should choose just anyone to handle your estate.
Choose someone you can trust — and it might be wise to choose a third party (i.e., not your family member) so that they can objectively handle the directions in your estate plan.
5. Failing to keep important documents safe
Make sure you have a safe place to keep all your important documents. These documents could include:
- wills,
- powers of attorney,
- healthcare powers of attorney,
- list of beneficiaries,
- letters of intent, etc.
If you keep your documents in a safety deposit box, know that your family will need permission from probate court to access this safety deposit box once you die. Other alternatives include keeping them in a safe (and making sure someone else knows the combination), or leaving them with your estate planning attorney.
6. Not working with an experienced estate planning attorney
This may be the biggest mistake of all! WIthout a dedicated Georgia estate planning attorney on your side, your wills, powers of attorney, and other documents may be filled with mistakes, or you may misunderstand all the legal jargon.
Furthermore, an estate planning attorney in Marietta will walk you through the entire process and provide legal advice that’s best for you unbiased.
Contact Marietta Estate Planning today
Kim Frye, our lead attorney at Marietta Estate Planning, has 27 years of experience protecting people through the law. We are ready to help you set up everything you need to protect your family’s future and avoid these dangerous mistakes. Contact us today to schedule your consultation.
