VIEWS: 30 PAGES: 1 CATEGORY: Legal POSTED ON: 1/20/2012
Many people hear the term “estate planning” and immediately think it doesn’t apply to them.After all,estate planning,is only for the rich or the elderly,right? Wrong.Basic estate planning is a necessity for everyone
Estate Planning Basics Many people hear the term “estate planning” and immediately think it doesn’t apply to them. After all, estate planning, is only for the rich or the elderly, right? Wrong. Basic estate planning is a necessity for everyone. As you age, or your estate grows, you can revise your estate plan to include more complex tools. Understanding some of the most basic estate planning tools, can help you on your comprehensive estate plan and should be started, preferably, early on in life. Before you can develop an estate plan, take a little time to assess your estate and your priorities. Make a detailed list of all financial accounts, investment accounts and retirements accounts as well as all real and personal property. Along with evaluating your estate, consider what is most important to you in an estate plan. For some people, avoiding probate is a priority allowing loved ones to have access to the estate assets as soon as possible. Other people may focus more on simply providing lost income or focus on incapacity planning. Once priorities and assets have been evaluated, a Last Will and Testament (“Will”) is generally the next step. A Will can be as simple, or as complicated, as you make it. A Will not only serves as instructions for how your assets are to be divided, but can also indicate who you want as guardian for your children. The avoidance of probate is often high on the estate planning priority list. Along with executing a will, you may wish to consider titling property jointly to help avoid probate. Both real property and accounts can often be titled in this manner allowing the property to pass directly to the joint owner upon your death. An often overlooked aspect of estate planning involves incapacity planning. In the event you become unable to make decisions for yourself, an advance directive for healthcare can appoint someone to make those decisions for you. An advance directive can also specify what medical procedures or measures you authorize ahead of time. Estate planning can be considerably more complicated than the basics; however, by developing a plan that includes at least the basics you can protect both yourself and your loved ones in the event of your death or incapacity. Experienced estate planning attorneys Atlanta GA of the Pyke & Associates P.C. offers estate planning and business planning resources to residents of Atlanta GA. To learn more about these free resources, please visit www.cpyke.com today.
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