Peach State Federal Credit Union: Here are the basics of estate planning

The following article appeared on the Peach State Federal Credit Union blog March 29. Delta Community Credit Union is Georgia’s largest credit union with 24 branches across metro Atlanta and three outside Georgia. Peach State serves more than 41,000 members in Barrow, Clarke, DeKalb, Gwinnett, Jackson, Oconee and Walton counties.

Estate planning is one of the most important things that you can do for you and your family. Estate planning can be a complex process, but it is recommended to do it as soon as possible in order to avoid any unforeseen circumstances. Many people think that estate planning is just for wealthy individuals, but it is for everyone who owns money or property, no matter how small it may be.

During estate planning, you will make many important decisions regarding all of your assets. Therefore, you should embark on this type of planning as soon as you can. Estate planning isn’t for senior citizens only; it is for everyone who wants to make their family’s future secure and sound. For estate planning, you need to get your lawyer involved so that you can handle the matter legally and professionally.

Why Estate Planning is Important
For all those who are still not convinced as to why they should take the matter of estate planning seriously, here are a few reasons:

• First, estate planning helps ensure a secure and financially stable future for the family. This can help control financial conditions in the event of a death.
• Second, this could be a good way to preserve your property and assets for your future generations. You will know that your children will be able to take care of the assets that you are leaving behind.
• Moreover, if you do the estate planning during your life, you can designate the assets according to your wishes and there will be no confusion between the beneficiaries.
• You will be in a better position to designate the assets, property, or money to the people you trust.
• If you decide to designate your assets to a charity or a noble cause, then you will be able to do that in your will.
• Also, distributing your estate can be a good way to avoid the tax burden since they will have different owners now.

To read more, including preliminary goal setting and important considerations for estate planning, read Peach State’s full blog post here.