Estate Planning for Young Adults in Georgia: Key Steps to Secure Your Future

 

Speak with a trusted Probate Court lawyer in Cherokee County, Georgia.

How Perigon Legal Services Can Help With Your Estate Planning as a Young Adult

Discover the crucial steps and benefits of estate planning for young adults in Georgia with Perigon Legal Services. Secure your future and protect your assets effectively.

Author: Stan Faulkner, Founder, Perigon Legal Services, LLC

Mr. Faulkner is an experienced counselor and litigator with 15 years of experience, having held bar licenses in four states (Mo, Il, Ct and Ga). Stan Faulkner uses this experience and focuses his skills in the pursuit of assisting individuals in probate (trust and estate) matters, guardianships and conservatorships, estate planning, business disputes and contract disputes. Published on June 30, 2024.

Estate planning often brings to mind images of gray-haired individuals thinking about their legacy in their later years. However, the reality is quite different. As legal adults in Georgia, eighteen-year-olds wield significant power over their life choices, assets, and healthcare decisions.

Why should a budding professional with seemingly endless horizons ahead consider the sobering process of estate planning? This thought frequently, sidelined as morbid or unnecessary, may be one of the seven reasons why you avoid your estate planning. Nevertheless, estate planning is a profound gesture of responsibility. A simple will could avert a world of stress for loved ones, making a significant difference in the outcome of unforeseen circumstances.

We understand the common misbelief that estate planning is reserved for the affluent or the elderly. At Perigon Legal Services, we stress the importance of young adults in Georgia taking charge of their future, regardless of the size of their estate. Our Georgia estate planning attorney can guide you through the estate planning process, providing peace of mind and ensuring that your decisions are respected.

Importance of Estate Planning for Young Adults

 

Most young adults in Georgia rarely entertain the thought of estate planning, but its importance cannot be overstated. For a young professional who just started a family, estate planning might be the furthest thing from their mind. Yet, life can be unpredictable, and preparing for unforeseen events is essential. 

Once you turn eighteen, you gain full privacy and decision-making powers under Georgia law. Without a plan, you are subject to the state’s rules on intestacy, which might not align with your personal wishes. In crafting an estate plan, which includes writing a will in Georgia, you ensure your voice is heard when you’re not around to speak. 

An estate plan is a testament to taking responsibility for yourself and your loved ones, making sure your wishes carry weight no matter what life throws at you. 

Benefits of Early Georgia Estate Planning

Early estate planning offers young adults in Georgia unexpected benefits far beyond simple wealth management. Starting young significantly maximizes the potential to protect assets and control financial legacies. By choosing to put an estate plan in place practically at the start of adulthood, you secure the ability to dictate your own wishes.

Here are some benefits of estate planning for young adults in Georgia:

  • Asset Protection: Assets can be structured to help shield against claims from creditors or lawsuits. Early planning allows you to designate specific assets to support causes dear to you.
  • Directing Personal Affairs: Vital documents such as health care directives give you peace of mind, knowing that your wishes will be respected in medical situations. Power of attorney designations authorize trusted individuals to make medical and financial decisions on your behalf if you’re unable to.
  • Adaptability: Life evolves—marriage, children, new business ventures. Through the creation of wills and trusts, you can ensure that the future of your surviving spouse and minor children are protected.

It’s comforting to know that everything can be in order, even from a youthful stage. The cornerstone of prudent planning is not the drafting of documents but the ongoing process of ensuring your plans evolve with you, reflecting your current circumstances and future aspirations.

Key Estate Planning Documents in Georgia

These essential documents form the core of a robust estate plan, each serving a distinct purpose to provide clarity and direction for the future.

Financial Power of Attorney

This document is vital as it authorizes someone trusted to manage our financial affairs if we’re unable to do so ourselves. Designating an agent demands judicious consideration. It is essential to choose someone you trust to act in your best interest to manage and protect your resources even as you face uncertainty.

Advance Directive for Health Care

Amidst life’s unpredictability, maintaining autonomy over your medical decisions is paramount. The advance directive ensures your healthcare preferences are respected, even if you lose the capacity to express them. By outlining specific instructions for treatment, you can relieve loved ones from the burden of decision-making during trying times.

Last Will and Testament

At the heart of estate planning, a will is indispensable. It’s a declaration that details your desires regarding asset distribution, ideally reflective of your life’s values and affections. More importantly, it gives you peace of mind that your belongings will go to the intended recipients.

By implementing these documents, you forge a path not just for yourself but for those you hold dear. Establishing an irrevocable trust could further strengthen your estate plan, safeguard your assets, and ensure your wishes are honored. It’s crucial to craft these documents with the seriousness they deserve because they outline the future of your legacy.

Considerations Specific to Young Adults

We live in a world where our digital presence lasts beyond our lifetime. Small investments can grow, and our state of residence can change in a heartbeat—whether for study, work, or adventure. How can you ensure that your assets, no matter how small, are not left unprotected?

Consider digital assets like social media accounts, digital currencies, and online investment portfolios. They are the new heirlooms of today’s generation. It may seem minor, but deciding who manages these online accounts and what happens to them after you are gone is an essential piece of modern estate planning.

An estate plan crafted with foresight can safeguard your assets, ensuring they grow even when you are no longer here to tend them. For young adults who may go abroad for studies or relocate temporarily, understanding how residing out of state impacts your estate plan is paramount, and consulting with a professional in estate management can provide clarity.

Book a Consultation Today for a Tailored Estate Planning Strategy

With life’s unpredictability, the peace of mind that comes from a tailored estate plan is invaluable. Estate planning is not just for the affluent; it’s for every individual who wants to make intentional decisions about their personal property and health directives. It doesn’t need to be complicated—but it should be customized.

That’s where we at Perigon Legal Services come in. We understand that you might have unique wishes and circumstances. We encourage young adults to take this critical step and reach out to us. Every estate plan we create is as individual as the person it protects. Our team is committed to guiding you through the entire process, ensuring your estate plan aligns with your current situation and future goals.

Looking to take control of your future today? Schedule a consultation with Perigon Legal Services. Together, we can build an estate plan that stands firm across all of life’s unforeseeable events.

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