Georgia residents who are looking to buy a home in the near future may find have to face more expenses. This is because home values are increasing while interest rates on mortgages are also going up. Mortgage rates on a 30-year loan with a fixed rate went up to 4.46 percent in March. This is the highest level since January 2014. Furthermore, the average mortgage payment for a home at the national median price point is up 13 percent from a year ago.
What to expect when buying a home this spring
A simple will is often enough
It is only natural for people to not want to think about their own demise. Life is to be lived, after all, and we all want the most out of it. But not having the most basic estate plan in place is simply passing on a big headache to your children or other heirs. You can save them a tremendous amount of time and money simply by taking a little action now.
When estate plans in Georgia should be reviewed or modified
Many people in Georgia draft estate plans and fail to review them for years. Individuals who have estate plans should review them regularly and make changes as needed after major life events. There are several other factors that should also prompt a review of an estate plan.
Trusts can also be a good plan for adult beneficiaries
When people in Georgia want to ensure that their properties and possessions will be distributed properly after death, estate planning is critical. Developing the necessary documents, including a will and relevant trusts, is important for protecting the financial future of one's heirs. There are a number of concerns to keep in mind while working through this process in order to ensure the best and most efficient outcomes.
Probate court is not always unwanted
Georgia residents dealing with estate planning concerns may find the probate process intimidating. Probate court is much maligned as the source of wasted assets and excessive fees caused by family infighting over an inheritance, but the process can have a place in strategic estate planning. The secret to an efficient trip to probate court is careful planning and forethought.
