One of the situations Georgia residents should plan for when creating an estate plan is the event that they might become incapacitated. Should they be unable to make important decisions by themselves, it is important that the necessary documents are in place to ensure that their preferences regarding their finances and health will be honored.
It happens to most families. At some point, it becomes clear that an elderly parent or relative needs help looking after their affairs. Perhaps it’s the onset of dementia or mental decline. Hopefully it’s not because of a scam or elder abuse.
Georgia residents who have been asked to be an estate's personal representative may be wary of accepting the role. However, it is generally not as scary or overwhelming as it sounds, and it will only take a limited amount of a person's time to carry out their duties. As a general rule, a personal representative is responsible for inventorying assets, paying creditors and the government and distributing assets to beneficiaries.
Georgia residents might hesitate to create an estate plan because they do not want to think about mortality. However, an estate plan serves two important purposes. In addition to detailing how people want their assets distributed, it also makes preparations in case they become incapacitated and cannot manage their financial or health care issues.
Georgia residents and others should be prepared for family drama when it comes to estate planning. According to a TD Wealth survey of estate planning professionals, 44 percent said that family infighting was the biggest estate planning threat in 2018. The conflicts between family members are often the result of the blended families that are formed through having children from previous marriages.