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The importance of creating, revising wills

Many people in Georgia invest time, energy and money into planning for the future. As a result, many have accumulated a significant amount of assets by the time they are ready to retire. However, part of planning for the future includes the creation of a will. Wills allow people to have a say in the distribution of their assets as well as reduce the chance of conflict among family members following the death of a family member.

While the process is the same, each person's goals when he or she creates a will likely differ. For example, an 86-year-old man claims he made his first will when he was 35. Over the years, he accumulated assets now valued at approximately $3 million, and the main goal of his will is to ensure that his 87-year-old wife with Alzheimer's is sufficiently cared for should he pass away. In an attempt to decrease family conflict, he has created an alternate plan for the distribution of his wealth should he pass away after his wife. A recent revision of his plan, the fourth since he originally created the document, changed the percentages that family members will inherit due to their financial successes.

Even though most people likely know of the importance of a will, a 2012 survey revealed that a significant number of people with children do not have one. Those who indicated they had not created one typically claimed that they were deterred by cost, they were simply procrastinating or they believed they did not need one. However, estate planning allows a person to continue to have a voice in the administration of their estate while also protecting the family from conflict and the estate from legal fees.

It is easy to become focused on the the present and the immediate future. However, by planning ahead a person in Georgia can help prepare loved ones for the difficult time that follows the death of a family member. Wills have the ability to reduce the potential for conflict and stress as well as ensure that a person's wishes are met.

Source: kdhnews.com, "Writing a will is time worth spending", Tim Grant, Nov. 13, 2016

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