Although the importance of the estate planning process may be obvious to some, for a variety of different reasons, many people in Georgia put it off for another day. This may be especially true for married couples with children as they expect that their estate will be divided according to state law, which may align with their wishes. While estate planning — including the creation of wills — is important for everyone, it can be especially beneficial for people who are not married or do not have children.
A married couple without children may decide that they do not need a will as their spouse will inherit everything upon the other person’s death. However, if the man dies, for example, and the wife passes away shortly thereafter, the couple’s estate could pass to the woman’s family, even if she did not have a relationship with them. Additionally, couples who cohabitate but are not married may have their assets divided in a way that is contrary to their wishes if there is no will in place to express them.
An additional consideration for those who live together but are not married is who will make financial and medical decisions for them should they become incapacitated. While most would hope that their partner would make the necessary decisions, that may not be the case if the court is forced to appoint a decision maker. In some cases, the person the court appoints could be an estranged family member who may make decisions that contradict the person’s wishes.
It is easy to put tasks off for another day, especially when it comes to the creation of wills and other estate planning issues. However, taking the time to do so can be one of the kindest things that a person in Georgia can do to relieve some of the stress associated with the death of a loved one. A professional with experience with the process can help ensure that all the necessary issues are addressed.
Source: finance.yahoo.com, “Estate Planning Is Important for People Without Children“, Debbie Carlson, Feb. 16, 2017
