A recent survey of attorneys, trust officers and wealth management professionals shed some light into the three largest obstacles in creating an estate plan. Some Georgia residents may be surprised that the most commonly cited threat to an estate plan is family concerns.
An irrevocable trust is generally thought of as a trust to which changes cannot be made. While this offers greater protection to the assets in the trust, it also means that if circumstances change, a person may be stuck with a trust that is no longer useful. However, a number of states, including Georgia, offer a "decanting" option to change an irrevocable trust if necessary.
Quick show of hands: Who will need an estate plan some day?