What Actually Is Estate Planning?

When someone asks you if you’ve taken care of your estate planning, do you respond with an answer like, “No, I don’t have much of an estate to plan with so it’s not necessary,” or “Oh yeah, I got my will done already”?

If the answer is yes, you’re certainly not alone, but it may mean that you don’t fully understand what exactly estate planning is or why it’s so important. 

Estate planning is all about answering one big question: What happens to my assets when I die or if I become incapacitated or sick before I die?

Crafting the answer to this question is important regardless of how extensive your assets may be. Whether you have multiple properties and investments or just a little savings, you’ve worked hard to build what you have and it is worth protecting. 

To give yourself the peace of mind of knowing what will happen to your assets when you die or if you become incapacitated or sick before you die is done by coordinating two principles: the title of each asset and the type of legal document you use to plan. 

We all have individual and unique wishes regarding our property. Titling assets in a way that coordinates with the types of estate planning documents you use allows you to answer the big question of estate planning. 

So why isn’t having a will the same as having an estate plan? It’s because you cannot coordinate the title of assets with a will while you’re still living. That’s why it’s so important to also utilize other types of documents and tools like trusts, powers of attorney, and so many more. If you overlook this, your will is like a car without an engine.

We’re all going to die. It’s just a matter of when. It’s up to each one of us to take the time to make a plan for what will happen to our assets when we die or if we become incapacitated or sick before that time. 

If you are ready to create an estate plan that goes beyond just a will and truly secures your assets for the future, Attorney J. Kevin Tharpe is here to help.  Attorney Tharpe has dedicated his career to helping northeast Georgia families, seniors, special needs individuals, and veterans plan for their futures. He can help you, too. We encourage you to contact the firm today to learn more. We can’t wait to hear from you!

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Kevin Tharpe

With 25 years of experience, Kevin understands how estate planning, special needs planning, and government benefits programs work together. This is a crucial element of a thorough plan. He explains your eligibility for benefits programs and ensures that you do not make costly mistakes that may disqualify you or deplete your assets.

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