Too many people think that estate planning is all about money and assets. Of course these things will be a top priority when it comes to making your will or establishing a trust, but there is another critical aspect of this process: protecting your loved ones.
Estate planning can be difficult and uncomfortable, but the fact is that making these plans on your own can save your family and friends from having to make these complicated decisions without you.
For example, a Forbes article recently highlighted the threat of financial abuse against the elderly. There are people who try to take advantage of someone with declining mental capabilities and manipulate that person so that he or she gives them money or access to it.
However, when you have a will in place as well as a durable power of attorney, you can prevent people from taking or unlawfully accessing your assets. Your kids won’t have to watch as someone else comes in and starts spending money or takes ownership of your assets without your clear and conscious permission.
It is for this reason that you will want to have these documents in place before your mental health declines. This will make it easier to establish what you want and who you want to take care of you when you may no longer be able to make these types of decisions with a clear mind.
Additionally, you take the guesswork out of what should happen to your assets. Without direction, your children and loved ones can be left fighting about what they want and what each of them thinks you would have wanted. Rather than put them in this difficult and upsetting situation, you can make these decisions on your own.
Georgia parents will do whatever it takes to protect their kids and keep them happy. However, too many overlook their responsibility to create an estate plan that can continue to protect children after the parent or parents have passed on. However, with a comprehensive and enforceable estate plan in place, you can have the peace of mind in knowing your family and your wishes will be protected.