Why Right Now Is the Perfect Time to Think About Estate Planning
Tax Season Is Over. Now What?
If you just spent the last few weeks gathering documents, reviewing accounts and thinking about what you own, you’re already in the right headspace for something most homeowners keep putting off: estate planning.
I know. It sounds like something you do when you’re older, or when life gets more complicated. But here’s what I’ve learned working with homeowners and families across the Greater Atlanta area: your home is often your largest asset. And it can cause the most stress and confusion for your family if you haven’t planned ahead.
So let’s talk about it.
Three Things That Might Surprise You
1. A Will Doesn’t Cover Everything
This is probably the most common misconception I come across. Having a will is a great start, but it only controls certain assets. The way your home is titled, whether it’s in your name alone, jointly owned, or held in a trust, determines what actually happens to it when you pass away. Some assets pass entirely outside of your will, regardless of what it says.
2. Adding Your Child to the Deed Can Backfire
A lot of homeowners think adding a child to their deed is a simple way to avoid probate. On the surface, it sounds logical. But it can create real problems, including co-ownership issues during your lifetime, potential tax consequences, and complications if you ever want to sell or refinance. An estate planning attorney can walk you through options that accomplish the same goal without the unintended side effects.
3. Naming a Minor as a Beneficiary Isn’t Enough
If you have children under 18, please don’t assume a beneficiary designation takes care of everything. A minor cannot legally receive a large sum of money directly. Without proper planning in place, like a trust, a court may have to get involved to manage those assets until your child comes of age. That’s a process nobody wants their family to go through.
My Role in This Conversation
I want to be clear: I’m not an estate planning attorney, and nothing here is legal advice. But as your real estate agent, your home is almost always at the center of these conversations. I think it’s part of my job to make sure you’re asking the right questions and talking to the right people.
If you don’t have an estate plan in place, or if it’s been a few years since you reviewed it, right now is a great time to revisit it. Tax season just gave you a clear picture of your financial life. Use that momentum.
Ready to Take the Next Step?
If you’d like a referral to a trusted estate planning attorney here in Georgia, I’m happy to connect you. And if you have questions about your home, its value, how it fits into your overall financial picture, or anything else, I’m always just a call or text away.
Dawn Levy | REALTOR® Berkshire Hathaway HomeServices Georgia Properties 🌐 DwellwithDawn.com 🔗 linktr.ee/dawnlevy
Serving East Cobb, Roswell, Alpharetta, Sandy Springs, Marietta, Milton, Canton, Woodstock and the Greater Atlanta area.