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Estate Planning for College Graduates in Georgia

Estate Planning for College Graduates in GeorgiaBy the time you earn your college degree, you may not feel like you have anything to “protect” through estate planning.  After all, the stereotype of the “starving college student” got started for a reason!  But, even if you leave college with a load of student loans and an entry-level job (or hopes of one), you will do yourself a favor by spending just a little time doing some basic estate planning here in Marietta and Cobb County, Georgia.

Marietta GA Estate Planning for Your Physical Self

There are tons of reasons to do your estate planning, and it seems like those most often talked about are passing on your possessions and avoiding taxes.  It can be argued, however, that there is a far more important reason, and it’s one that even young college graduates shouldn’t overlook: your medical decisions.

What happens if you become injured or otherwise capacitated and can’t tell the doctors what you want?  Who makes decisions for you about what kind of life-sustaining measures should be taken or whether or not you consent to surgery?  In most states, an individual’s parents are given this responsibility (although that is not always the case).  Whether you want your parents in that role or someone else, the way to make sure you have a say is to have an estate planning lawyer in Marietta Georgia draw up a legally binding “medical power of attorney.”

Marietta  Estate Planning for Your Finances

It may not seem like you have much of anything to look after when it comes to finances and the recent college grad.  In reality, though, you likely do have some things to consider.  For example, do you have any debt, and if so, do you know what happens to it if you become incapacitated or pass away?  The answer has a lot of variables such as the kind of debt, whether or not you have other authorized users on your account, and more.

One of the reasons you worked so hard for your degree was likely so you could move out into the workforce, and with that comes options such as retirement accounts and insurance.  Each of these includes naming a beneficiary for benefits, and you’ll want to make sure you are up to speed on what it means and have the appropriate people named.  Some accounts don’t have specific beneficiaries, so setting up even a simple will can help make the transfer of those funds much easier and less expensive when the time comes.

Marietta Georgia Estate Planning for Your Partner

Many college graduates are moving forward with their lives as couples, both married and unmarried.  Either way, estate planning in Marietta and Cobb County GA  is an important part of making sure that your partner is cared for and receives the appropriate benefits upon your death. As mentioned above, you want to make sure you have the correct information filled out when it comes to beneficiaries on accounts, but you will probably want to go a step further to ensure that your assets pass in the way you want.  Typically, an unmarried partner is not entitled to the same benefits as spouses, so if you don’t set up the situation appropriately through well-reasoned estate planning, your significant other might be entitled to absolutely nothing!

Estate Planning Matters For College Grads, Too!

Contrary to what you may have heard, estate planning is NOT just for the ultra-wealthy or the elderly.  Estate planning is just as important for the college grad and savvy young adult, too.   Celebrate your recent graduation and your success by getting a complimentary review of your situation. Schedule a Georgia Family Treasures Planning Session with the mention of this article and let us help you layout a road map for lasting protection and peace of mind in the future.

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Estate Planning for Single Parents in Marietta and Cobb County GA

single momSingle parents tend to work hard for their children, so it’s no wonder that those in Marietta and Cobb County want to protect the children they would leave behind should the adult be killed or become incapacitated.  Every day it falls to the single parent to provide just about everything for his or her children, and with 13 million single parent households in the US, there are a whole lot of folks doing their best to provide everything their children need today.  Working with a Marietta Georgia guardianship lawyer is the right step to make sure they are also provided for in the future.

As a single parent, your estate plan may look different from that of a married parent.  In those cases, there are laws in place to ensure that both property and custody have a means of passing to the surviving spouse.  In your case, however, the courts would determine your next of kin and disperse your property, as well as appoint a guardian, based on Georgia state laws.  While it’s great that there are laws like this to rely on when a single parent dies with no will in place, it’s not necessarily such a wonderful thing if the person/people named are not those you would have chosen yourself.

For example, it’s quite common for grandparents to be given custody of a child upon the parent’s death.  In many families, that would be the perfect choice.  In others, however, a better choice could be made.  Perhaps there has been a falling out between family members, or it’s possible that the grandparents are either too old or just otherwise not in the right place in their lives to be starting over raising children.

Clearly, appointing a guardian for your child or children is one of the most pressing issues for which to see an estate planning attorney in Marietta or Cobb County.  It’s not the only one, though.  This lawyer can also help you to create a financial plan which can help support your child even if you aren’t there.  You might be advised to look into a life insurance policy or to participate in a Georgia college savings plan.  Likely, a guardianship lawyer in Marietta will also help you to create a trust or trusts which can not only protect some of the money from being heavily taxed, but also give you some say over how the money is to be used and by whom.

An estate planning attorney will also help you to make sure that everything is in order.  He or she will ask you about bank accounts, insurance policies, retirement accounts, and even military service, as all of these can possibly be directed to the care of your child or children.  Every family, no matter what the marital status is, is unique.  With the help of a Marietta estate planning lawyer, you can put together a plan that works for your specific situation.

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