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Many people believe estate planning is something reserved for older people who live in mansions. But the truth is that every person should take the time to sit down and draw up this legal paperwork. It specifies not only what happens to your assets when you pass on but also important considerations such as who should make your health care decisions if you aren’t able to. Having a plan in place well before retirement age is a wonderful idea for you and your family, and if you’re older, now is the time. Here’s what you need to know about the process.

What Estate Planning Involves and How to Get Started

One goal of estate planning is to answer the question of “who gets what” after you die. This can cover everything from savings accounts and investments to your car and sentimental possessions—such as a piece of precious family jewelry. Even if your assets seem modest, specifying this can save your loved ones from disagreements and emotional stress.

If you have minors to care for, estate planning documents should further designate who is to care for them if you are unable. The paperwork can also set up a fund with money to provide for their care. 

Your estate plan can further specify what should happen if you are unable to care for yourself. If you can’t manage your own finances or health care decisions, who should make these for you? If you require nursing care, do you want to be in a residential facility or have in-home care?

estate planningAnother common conception is that estate planning can be put off until your golden years, but you’re never too young to plan for your family’s future. No one knows what the future has in store, but you can attain peace of mind today.

How a Lawyer Can Help

Depending on your precise situation, you may decide to create a will or establish a living trust. Many people opt for a trust, which avoids the lengthy probate process to which wills are subject. An estate planning attorney can advise on which option best suits your needs.

They will make sure you address all relevant points, ensure no details fall through the cracks, and draft all the paperwork so that it’s legally binding according to state law. They can also advise on how to best minimize taxes, court costs, and other unnecessary legal fees that might otherwise eat into your assets. 

 

For estate planning assistance in Toccoa, GA, trust McClure, Ramsay, Dickerson & Escoe, LLP. For over 100 years, this law firm has been providing compassionate and knowledgeable legal guidance rooted in personalized care. Well respected by clients and peers alike, they are proud of their deep roots in the community. You can learn more about their commitment to giving back on their website. Request a consultation by calling (706) 886-3178 and plan for your family’s future. 

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