WHAT IS WEDNESDAY: ESTATE PLANNING
Every Wednesday our firm will now bring you a series of blogs discussing topics covered in our practice areas. For our first What is Wednesday (WIW) Blog topic we are discussing Estate Planning. As simple as this topic may seem there are many people who do not know what Estate Planning is because (1) they are confused about the topic and what it stands for, (2) they have never been taught the basics of estate planning, or (3) they understand the idea of an estate plan but they are not aware of what it covers. If you are a person who falls in any of these categories do not be ashamed. Many of us are. I decided to start of our WIW series with estate planning after meeting with a Human Resources representative to assist a company with their employee handbook. When I inquired about completing an estate planning seminar the Human Resource representative did not know or understand what Estate planning was. After having a conversation about estate planning and its importance and after completing the seminar with this company the Human Resource representative completed her estate plan with our firm. I hope this bit of information also assists you with understanding what an estate plan is and why you need one.
What is an Estate Plan?
An estate plan is a series of documents put together by you to direct your wishes if you become incapacitated or if you pass away. Your estate plan is not directed by what you own. Many people hear the word estate and link estate planning to owning property. While owning property is covered in estate planning it is not the only reason to have an estate plan. Estate also means your assets and liabilities left after your die. While your personal property is important as well, I believe the main assets you leave when you die are your loved ones. That's why my motivation behind ensuring everyone has an estate plan is to cover the most important assets, the people you love.
Estate plans consist of documents that direct your wishes after death as well as when you are still alive. Planning for incapacity is an important piece of estate planning. Many people are scared to talk about death but they forget that estate planning also covers your life. If you avoid estate planning all together, just to avoid the topic of dying, then you could be setting yourself up for a difficult road if you are ever living without the capacity to care or make decisions for yourself.
Let's talk about those real assets, i.e. the ones you love. Estate planning not only covers your life but it covers the lives of those you leave behind. Without an estate plan the laws of your state will determine your loved ones and they will also determine how they will benefit from your estate. With an estate plan you direct who benefits from your estate and how.
Although your loved ones are not considered to really be assets under estate planning terminology I call them the real assets because I do not want you to get wrapped up in thinking about what you do not have and whether its enough to have an estate plan. Estate planning is the ultimate vision for how your life will directly affect your loved ones lives if you are ever unable to make your own decisions or if you pass away. With the start of the New Year now is the time to create that vision.
To learn more on estate planning or to create your Georgia estate plan contact our firm today. Estate planning consultations are always FREE. We can have your estate plan completed within 72 hours.
Feel free to contact us by email (firstname.lastname@example.org), Instant or direct message @theblackfirm, or by phone 678-537-6833. Mention the promo code WIWEP for $25.00 off your estate planning service. Offer expires January 14, 2020 at 11:59 pm EST.