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 it can get messy. The loved ones left behind suddenly discover the negative effect of the Laws of Intestacy.
This situation can become especially painful in long-term partnerships involving children. If a partner has not legally adopted the child, the law does not recognize them as a parent. Courts only recognize legal heirs and parents. As a result, the co-parent may lose the ability to care for the child. In these cases, the court decides who will serve as guardian.
The risks increase when a partner passes away without a will, also called intestacy. The surviving partner has no automatic legal rights to property or assets. This is why having a will is critical. Without a will, the estate typically goes to the deceased partner’s legal family. State law controls how assets are distributed, regardless of personal relationships. Even estranged family members may inherit under these rules.
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!
Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

