What If You Die Tomorrow?
There are a lot of things that would be affected if you died tomorrow. But the most important thing is that those you love are provided for and it is easy to transfer your assets to them. So where do you start?
Make a list! Really? Yes.
- Make a list of the people you love who would need guardian(s) to take care of them. Have a primary guardian in mind, as well as a financial trustee. Then select one or
- Make a list of the Assets and/or Income that you have to give to those you love. Make sure that any account that allows you to name a beneficiary has the most current person chosen. If an account does not have a beneficiary designation (like a bank account or investment account) you often can create a Transfer on Death (TOD) designation or Payment on Death (POD) designation so it acts like a beneficiary selection. Such designations allow the assets to pass to the people you love without going through your will.
- Make a list of property or assets you own (such as a house or car) that will need to pass through your will. You may be able to have a Joint Owners with Right of Survivorship Title on your house with your spouse or partner. But if that’s not appropriate, then make sure your will stipulates who gets the property.
Probate in Georgia is fairly simple and inexpensive. There are plenty of attorneys who can assist in settling an estate, especially if it is not complicated. However, if your financial affairs are complicated, or there are minors to be provided for, you may wish to create a trust. In this case, you definitely should consult an estate planning attorney. Be aware that if you own property, such as a house, and you die without a will, the state of Georgia can decide who owns your stuff and take a percentage of the assets for doing so. They also must appoint a guardian for your children, and it may not be the person you would have chosen.
If you have a will, make sure it is up to date. If you do not have one, please see an attorney right away. If you would like to talk about this further, call Gwen 678-364-9677 or Sibyl (770) 283-9574 or go online at www.lifeplanfin.com and schedule a free visit today.
Gwen and Sibyl