Georgia residents have a lot to consider when they think about the future of their estates, especially how they can use the estate planning process to promote family unity rather than division and how they can best preserve their wealth to benefit their heirs. In many cases, it is difficult to sustain inter-generational wealth, and in other cases, family members start to fight about inheritances after their loved one passes away. Unfortunately, estate planning issues can often lead to internal family disputes and expose resentments that already exist.
However, people can help their families avoid this outcome by considering these issues during the estate planning process. A person may want to put a great deal of thought into how best to divide the estate. In some cases, dividing the estate in equal shares among multiple children is a simple and effective way to accomplish their goals. However, for other families, considering other fair or equitable solutions may be more suited to their needs. For example, a person could establish a trust to be used for the educational costs of all their children or another specified purpose to which all beneficiaries have access.
In other cases, parents may want to concentrate on lifetime gifts to their children rather than building up inheritances. When a family business is involved in the estate, it can be important to consider the best future for the business aside from the equal distributions to children; if the hope is to sustain the business, it should be in the hands of people who have an interest and aptitude for the work.
All of these concerns can be part of the planning process. An estate planning lawyer may help people thinking about the distribution of their assets in developing wills, trusts and other documents that reflect their vision and interests for the future of their loved ones.