Putting off the creation of an estate plan is not uncommon. It's a topic that many Georgia residents would prefer to avoid. Furthermore, there is more to an estate plan than just writing a will. Estate owners should start by making a list of all their assets and liabilities. This provides the basis for moving ahead with an estate plan that designates what property will go to which beneficiaries.
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.
In Georgia, people who are planning how their estates will be handled should avoid overlooking some important details. In addition to having a will, power of attorney and other documents prepared, it is also important for people to make certain that their families understand how to find other important documents and access their digital accounts.
Making sure that they have named the right beneficiaries for their IRA is one of the many aspects of estate planning of which Georgia residents should be aware. Not designating someone or not updating the beneficiary designation when needed can result in significant expenses as well as frustration for surviving loved ones. To determine who should be designated, it is important for individuals to carefully consider certain factors.
Creating an estate plan online can be an effective way for Georgia residents and others to save money. However, it can also cause problems that may be avoided by creating estate plan documents with the help of a professional. For the most part, online services assume that an individual already knows what he or she wants a plan to look like. In many cases, a person doesn't know if this is true or not.
When Georgia residents begin the estate planning process, they often focus on wills, trusts and end-of-life medical planning. One area that might be overlooked is password access for electronic devices and online accounts. Not having these passwords can make the process very difficult for loved ones and estate executors.
Estate planning is not a favorite subject for most people, and it can take a while for residents in Georgia and other states to get their affairs in order. Once an estate plan is finally completed, many people think they never have to worry about the matter again. However, problems can arise as time passes, which makes revisiting a plan necessary. Here are some reasons updates may be needed.
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.
One essential legal document for Georgia residents who are developing an estate plan is a living will. A living will can be enforced while an individual is still alive. Individuals can use it to detail their preferences regarding any medical treatment they should receive should they become incapacitated. They can specify what type of medical treatments should and should not be used to keep them alive. Individuals can also detail how long life support measures should be used.
Some art collectors in Georgia might not know who they want to leave their favorite paintings and sculptures to. This may lead to procrastination when it comes to estate planning. Others might even completely forget to address the future of an art collection. However, if a collector dies without making a plan, family members could end up paying high taxes on valuable art. Furthermore, heirs could end up in litigation if they are not happy with how the art is distributed.