Asset Protection Atlanta: Having a Will or Estate Plan that Designates Heirs Is Vital
When estate management and asset protection is important to you, having a will is critical.
When someone dies without having a will or estate plan and there are minor children left to be cared for, the loved ones left behind suddenly discover the negative effect of the Laws of Intestacy.
This can be especially painful when, in a long-term partnership a minor child has not been adopted by the unnatural parent. Only legal heirs are recognized by the courts and the partner who has co-parented the child would not be able to continue to care for the child. In this case, it will be up to the court to select a guardian.
Additionally, when an unmarried partner passes without a will (Intestacy), the living partner has no automatic legal rights to the deceased partner’s property or assets. This is why having a will is vital. Without a will, the assets will typically be passed to the deceased partner’s family, and their estate will be distributed according to state law. And it doesn’t matter if the deceased partner has been estranged from family members or not.
Intestate succession is the set of default laws dictating who receives what of a deceased person’s assets. Each state defines intestate heirs by their relationship to the deceased. Yet, having a will can override those default laws.
As you can see, establishing a will or establishing an estate plan, is integral especially in unmarried partnerships, and especially so when there are minor children to be cared for in the event of a parent’s death. Once a will is created, it’s not set in stone. Wills can be and should be updated when major life events occur. Creating a will or estate plan is one of those “shoulds” that gets put off time and time again. And, as the recent global pandemic showed us, the effects of procrastination are devastating.
Having a will isn’t something that should be ignored. Getting your will and a solid estate plan established for the security of your family and loved ones is one of the most loving things you can do.
The sense of relief and accomplishment most people experience is visceral. It isn’t worth putting off a moment longer. Give my office a call at 404-370-0696, and let’s get this task accomplished so you can kick off the New Year with one of your resolutions crossed off!