Estate planning can be an important part of preparing to take care of family members after people in Georgia pass on. The difficulties that accompany death without a will can grow significantly along with the size of an estate. Nevertheless, some celebrities with massive estates and ongoing, valuable song royalties have passed away without leaving behind a clear plan. As a result, family conflicts may intensify and a significant amount of a valuable estate may be lost to court costs and legal fees.
Young beneficiaries and trusts
Georgia residents who have young children should make sure that their estate plans include more than just a will. A trust is necessary so that the children will not be able to inherit assets outright when they reach the age of 18; it can ensure that the assets will not be squandered and will be managed responsibly as determined by the trust instructions left by the parents.
Blended families and estate planning challenges
When blended families in Georgia need to create an estate plan, they need to consider a few unique factors. A simple will may not be adequate enough to protect assets for biological children or fulfill other objectives. Trusts, however, are very flexible legal tools that can be adapted to complicated situations involving ex-spouses, stepchildren, and multiple divorces. There are many different options available.
