I must confess that even as an attorney, I often falsely perceive that estate planning is for the wealthy. It seems like something that only a wealthy person needs to do.
Nothing could be further from the truth. The only reason you would not have an estate plan it is if you are immortal or if when you die, you have no concern for anyone that may be affected by your death. If you believe the first premise, legal advice is not the help you currently need. If you do not care about what happens when you are gone and feel that the feeling is mutual amount your friends and family, you should probably rent the movie “It’s a Wonderful Life” to affirm that you do matter to those around you.
An estate plan may be very simple or very complex, depending on your current situation. However, as your circumstances change, you estate plan, to be adequate must also change.
While an estate plan is much more than just drafting or having a will prepared, it is an important component. A will can be simple or complex but it is the driving force of your estate plan. It allows you to control how your final affairs will be settled including who receives your property as well as who you entrust to settle your affairs. We will discuss a will in more detail in subsequent postings.
You should remember that a will is not a document that will last forever. It should be updated periodically, especially when certain life events occur. The will you need in your twenties should be significantly different than the one you will need when you are in your forties and fifties.
Life events or changes make it prudent to examine or change your will/estate plan. Examples include some of the following:
- Marriage
- Birth of a child
- Birth of a second child
- Buying real estate
- Divorce
- Remarriage
- Offspring from your remarriage
- Involvement in a business partnership
- Providing for a family member with a disability or an addiction
Realize that this is not a comprehensive list and consulting with your attorney will help you determine when your will should be updated as well as when to utilize more advanced estate planning techniques.
Reasons for advanced estate planning include not only reducing estate taxes but providing safety and security for your loved ones. Even more importantly, you reduce stress on your loved ones when they have lost someone that has provided stability for years or maybe a lifetime.
Please contact us at The Hill Firm, LLC if you do not have a will or would like to explore some of these issues in greater detail. Call us at (404) 228-8103.
We are conveniently located at 1800 Peachtree St. NW, Atlanta, GA 30309 and would love to be assist you with your estate planning needs.
The Hill Firm, LLC 