Here in Savannah, we’re all about taking care of our own. But when it comes to estate planning, too many of us are letting the state of Georgia make decisions that we should be making ourselves. At Smith Barid, LLC, we’ve seen firsthand how a lack of estate planning can impact families. That’s why we’re sharing these three essential tips to help you take control of your legacy.
1. Don’t Assume the State Knows Best
If you pass away without a will in Georgia, your estate will be distributed according to state law. This is called intestate succession. Now, you might be thinking, “That doesn’t sound so bad.” But here’s the thing: the state’s plan might not align with your wishes.
For example, did you know that if you’re married with children, your spouse might not inherit everything? Under Georgia law, your spouse would share the inheritance with your children. This could leave your spouse in a financial bind, especially if your children are minors.
Or maybe you have a favorite charity you’ve supported for years. Without a will, they won’t see a dime from your estate. The state’s plan doesn’t account for charitable giving.
The bottom line? Don’t let the state plan your estate. Take control by creating a will that reflects your wishes.
2. Remember: Your Estate is More Than Just Money
When we talk about estate planning, many people think it’s all about who gets what money or property. But there’s so much more to it.
Do you have minor children? Your estate plan should name a guardian for them. Have you thought about who will make medical decisions for you if you can’t? That’s where a healthcare power of attorney comes in.
And don’t forget about your digital assets. In today’s world, your online accounts, digital photos, and even cryptocurrency are part of your estate. Make sure your plan addresses these too.
3. Review and Update Regularly
Life changes, and your estate plan should too. Maybe you’ve welcomed a new grandchild, started a business, or bought that dream home on Tybee Island. All of these life events should trigger a review of your estate plan.
We generally recommend reviewing your plan every 3-5 years, or after any major life event. This ensures your plan always reflects your current wishes and circumstances.
Remember, estate planning isn’t a one-and-done deal. It’s an ongoing process that evolves as your life does.
At Smith Barid, LLC, we’re committed to helping Savannah residents create estate plans that truly reflect their wishes and protect their loved ones. We understand the nuances of Georgia law and can help you navigate the complexities of estate planning.
Don’t leave your legacy to chance. Take control of your estate plan today. Give us a call at 912-352-3999 or click here to schedule an initial discovery meeting. Let’s work together to create a plan that ensures your wishes are honored and your loved ones are protected, no matter what life brings.
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