Estate planning is essential

According to a USA Today article, the famous singer, song writer and performer Prince died without a valid will. While I was saddened by the passing of the Purple One, I also began to think about how many of us do not have wills.

Some reports estimate Prince’s estate is worth about $300 million. I am not even in the ballpark of $300 million; however, I do want to ensure my assets are distributed to my loved ones according to my wishes. Your estate may not be worth as much as Prince’s either, but you probably still need a will.

Some Americans think that only wealthy individuals (i.e., celebrities, professional athletes, etc.) need wills. The truth is, a will should be created by anyone who meets the required age limit, owns assets and wants to determine who receives their assets after their death.

Dying without a valid will can cause emotional and financial headaches for those left behind — regardless of the value of the estate — so it is important to create a will.

A will allows you to decide, before your death, whom you want to receive your assets upon your death. It also allows you to name an executor, the person who manages and oversees the distribution of your assets.

To meet the legal requirements for a will in Georgia there are four requirements: you must be at least 14 years old; you must be of sufficient mind and memory that you are creating the document (basically sound mind); it must be signed by you and witnessed by at least two people who are not named beneficiaries in the will; and it must be in writing.

Before you run out and scribble a will on a napkin, please keep in mind a will not drafted by an attorney may contain loopholes that can be contested in a court of law.

So what happens upon my death if I do not have a will? Glad you asked. When a person dies intestate (without a valid will) state intestate laws govern how and to whom property is distributed. You can also die intestate when you have a written will, as it can be invalid if you got married, had a child or adopted a child, but didn’t update your will after these life changing circumstances.

When a person dies intestate, it usually takes longer to settle their estate. You will do your family a huge favor by creating a will and updating it when needed.

I have personally witnessed families pulled apart by fighting over estates. I have also seen those battles last for years and a large amount of the assets in the estates wasted on legal fees. Do your loved ones a favor and plan properly to avoid family disagreements. Don’t make any more excuses about creating a will. The time is now.

While there are a number of online resources for creating wills, it is best to get an attorney to draft one for you to avoid any pitfalls.

This story was originally published May 10, 2016 at 9:01 PM with the headline "Estate planning is essential."