There are many benefits to creating a will. For instance, a prepared estate owner in Georgia can avoid state intestacy laws that govern how property is distributed. A will also allows the creator to name a caregiver for a minor child or decide who gets to care for a pet.
Even if an individual doesn’t have a lot of money now, they may receive an unexpected windfall in the future. An example would be if a loved one dies in an accident and the estate receives a settlement. Creating a will allows the estate owner to spell out exactly who gets their money. Furthermore, it’s not uncommon for individuals to have digital assets such as social media accounts. That’s why many people leave instructions in a will as to whether those accounts should be closed or overseen by another party.
According to a Caring.com survey, 40% of respondents did not have a will despite the fact that 70% said that it was important to have one. A common reason why people don’t create wills is that they don’t want to think about their deaths. However, a will can be a way to protect a legacy or at least protect the stuff that a person has spent an entire lifetime working hard to accrue.
Creating a will may give an estate owner more say over how assets will be distributed. However, it is not the only estate planning tool available. It’s possible to avoid probate issues by creating a trust or using beneficiary designation forms. An attorney can help a client determine what type of documents to include in an estate plan.