Estate Planning is Not Just for the Wealthy

When it comes to estate planning, many people think that it only applies to the rich and the wealthy, and that just is not the case. Estate planning is essential to anyone who has a bank account, owns property or has a spouse and children, as any Atlanta estate planning attorney will tell you.

Not Just a Will

Many people who speak to an estate planning attorney in Atlanta advise their attorney that they believe a will covers all the basis. But, a will only indicate whom you wish your estate to go to. If you plan right, you may not even need an estate.

For example, if you have a life insurance policy and designate a beneficiary, your beneficiary receives the funds from that life insurance policy upon your death. Therefore, those funds never pass through your estate. If you own property jointly, like a house or piece of hunting land, that property is automatically passed to the joint owner upon your death, again eliminating the need for that asset to go into your estate.

Make it Easier on Loved Ones

One of the biggest reasons you want to look into estate planning is because it will make life a lot easier on the loved ones you leave behind. An estate plan takes care of essential orders of business, like making sure your property has joint owners, and that your bank accounts have a payable upon death designation.

If your assets are of high value, establishing a trust and naming a trustee to manage that trust is also another important aspect of estate planning. But, remember that you don’t have to be rich to look into estate planning. Talking to experienced estate planning attorneys at Cohen & Goodman will help you determine what is best for your own individual estate plan.