How to Prepare for National Estate Planning Week
As we lean into mid-October, a prime opportunity looms on the horizon for those seeking to solidify their legacy and ensure their loved ones' financial well-being: National Estate Planning Week. Running from October 17th to October 23rd, this dedicated week is the perfect time for individuals to take stock of their assets, evaluate their financial goals, and put a comprehensive estate plan into motion. If you have questions or need help, contact our Georgia estate planning attorneys.
What is National Estate Planning Week?
National Estate Planning Week is an annual event in the United States dedicated to promoting awareness and understanding of estate planning. It typically takes place during the third week of October and is designed to encourage individuals and families to take proactive steps in organizing and managing their financial affairs. By participating in National Estate Planning Week, you can ensure a smooth transition of your assets to your heirs or beneficiaries, bringing peace of mind to you and your loved ones.
Don’t Make These Estate Planning Mistakes
According to a survey conducted by Caring.com, 64% of Americans believe it is important to have an estate plan. However, only 34% have one in place. These numbers reveal a common tendency among Americans to put their estate plans on the back burner. This is why, as you approach National Estate Planning Week, you are already one step ahead of the game by avoiding the #1 estate planning mistake: not creating one in the first place. Here are some of the other pitfalls you should try to avoid as you embark upon your estate planning journey:
Not updating your estate plan documents after going through a divorce
Failing to update your will every few years
Not having enough cash to pay for gifts
Unintentional beneficiary designations
Not communicating your wishes
Tips on Estate Planning for Your 2nd Marriage
In the context of a second marriage, it’s important to consider both children from a previous marriage and the new spouse and family in the planning process. A revocable trust offers flexibility, allowing children from the first marriage to have a say in asset distribution and ensuring their future security. Here are the most important steps to consider when estate planning for a second marriage:
Establish a New Trust: Ensure assets are managed and distributed according to your wishes. Review existing trusts for necessary updates.
Update Beneficiaries: Review and update beneficiaries on retirement accounts and life insurance policies to prevent unintended consequences.
Open Family Conversations: Discuss estate plan goals with all relevant family members to avoid future confusion or conflicts.
How to Talk to Your Family About Your Estate Plan
Initiating a conversation about estate planning within the family can bring immense clarity and peace of mind. Consider hosting a gathering during National Estate Planning Week to discuss your wishes and estate plan. Ensure all relevant parties are present, including your spouse, children, siblings, parents, and anyone named in the will or trust. Be transparent about end-of-life wishes, family assets, roles, funeral preferences, and any existing family trust. Discuss the benefits of having a well-rounded estate plan, preventing probate delays, and minimizing family conflicts over asset distribution. Talking to your family about your estate plan further ensures that your wishes will be followed precisely and can reduce stress in later years.
Can I Leave My Estate to Non-Family Members?
Estate planning involves personal choices about who inherits our assets, and for some, this extends beyond blood relations to close friends or cherished causes. In Georgia, the question often arises: Can I leave my estate to non-family members? The answer is yes. Selecting between a will and a trust is crucial, with trusts offering advantages like privacy, bypassing probate, and greater customization. However, most importantly, the beneficiaries you select should align with personal connections and values, be it family, friends, or charitable organizations. In essence, the heart of estate planning lies in the ability to leave a lasting legacy that reflects the individuals and causes closest to your heart, even transcending the bounds of traditional family ties.
Estate Planning: Gift Planning Check-Up
Estate planning is vital for ensuring assets are distributed according to your wishes after death, but regular check-ups must align with current circumstances. Gift planning, a crucial part of this process, involves determining which assets to give away and when. Several steps are involved in a gift planning check-up with a Georgia estate planning attorney. Firstly, reviewing and updating your estate plan to reflect any life changes is essential. Identifying your goals, whether supporting charities or providing for a family, guides your giving strategy. Understanding tax implications and considering tax-efficient strategies is also crucial. Overall, regular gift planning check-ups can help guarantee that your estate plan remains effective and in line with evolving needs and preferences.
Why You Should Speak to Your Georgia Estate Planning Attorney
Creating or updating your estate plan is the most important step you can take in safeguarding your legacy and ensuring your loved ones are provided after your passing. A Georgia estate planning attorney brings invaluable expertise in navigating the state's legal framework, including specific tax laws, probate regulations, and relevant statutes. They will guide you through the process, ensuring your estate plan is comprehensive and tailored to your circumstances. Additionally, an attorney will help you address any unexpected complexities or nuances, assuring you that your wishes will be carried out precisely as you intend. Don't leave the future of your assets and loved ones to chance – consult a Georgia estate planning attorney to create a plan that concretely secures your legacy.
Reach Out to a Georgia Estate Planning Attorney Today
If you need assistance creating or revising your will or estate planning documents, Jammie Taire at Perimeter Law Group, formerly SmithTaire Legal team, can help. We educate our clients on their estate planning options and ensure their final wishes are legally binding. Call us at 678-253-8133 if you have questions about your estate planning or wish to meet with an experienced Georgia Estate Planning Attorney.