Estate Planning: Importance of a Valid Will

Estate planning is essential for anyone who owns property, has a family, or has assets that they plan to bequeath after death. The longer you wait to take care of your Gainesville, Ga. estate, the more difficult it becomes. And if you pass away without a valid will then the potential problems for your loved ones could be huge, divisive, and difficult. It’s in everyone’s best interest to create one before it’s too late. Estates in Gainesville, Ga. are no different than estates in other parts of the country. If you are the sole owner of a piece of property, be it land or asset, then it legally becomes someone else’s after you die. If something happens to you and you lack a valid will, your Gainesville, Ga. estate will be distributed according to the legal process. If you’re married and have more than one child, then your spouse will only receive one third of the estate with the remainder being split between the children no matter how old they are. Here are the potential problems with this: • Your spouse will also inherit your debt which may not be covered by the estate and if they’re a non-working spouse, one third of the estate may not be enough to cover their current lifestyle. • Your 10 year-old child could receive a portion of your estate that they can’t actually access. It’s also unclear as to who will handle the Gainesville, Ga. estate if there is no designated executor and the probate process could be significantly extended and much more costly in terms of court and attorney’s fees. Estate planning is essential because it gives you total control over your assets. By establishing a viable and legal will, you can disperse your assets according to your wishes, pure and simple. Otherwise, lengthy court battles and fees could ensue between fighting relatives. It’s important to understand the legal aspects of wills. Sit down with a qualified attorney who specializes in estate planning to ensure that you’re creating a document that’s valid and complete. Facing our own mortality is never an easy thing to do and creating a will is definitely something that gives you pause. But instead of looking at it as a negative, consider it the last kind and loving thing you can do for your family. The potential problems of dying without a will are too great to bargain with. And the more property and assets you accumulate, the worse the potential for trouble. It’s absolutely within your family’s best interest for you to create a will and effectively plan for the inevitable.