Many people in Georgia put off drafting their wills or trusts. If they fail to complete the estate planning process before passing away, their families may face some unintended consequences. Both Prince and Aretha Franklin died without having wills or trusts, and their cases illustrate the importance of having estate planning documents in place.
Estate planning lessons from Aretha Franklin and Prince
Estate planning for cryptocurrency accounts
Cryptocurrency investors in Georgia may want to look into their estate plans in order to make sure that they can effectively pass their digital wealth on to their beneficiaries. As the interest in cryptocurrencies like bitcoin and Ethereum and other digital assets has grown, people have needed to revise or provide additional information to accompany their wills in order to transfer these assets to their loved ones. Many individuals have created estate plans that are designed for physical assets like real estate or traditional bank accounts. However, people who are cryptocurrency investors will want to ensure that it is just as simple to transfer their online wallets.
Do you need a lawyer for retirement planning?
After a long career you are finally ready to settle down and retire. Retirement will be relaxing but there are still some elements you will need to take care of first. Retiring means you will need to make some more decisions in order to plan for your future and this could require an attorney to help.
Estate planning essentials for parents in Georgia
Estate planning is a critical part of planning for the future. Wills, trusts and powers of attorney can help people obtain peace of mind for themselves as well as their beneficiaries. These estate planning tools can also have significant practical and financial benefits by lowering taxes, probate costs and associated delays. In particular, trusts can create structures that pass on significant sums of money while providing far greater control to the creator than simply relying on a will.
Down payment amounts can be negotiated
Georgia residents may believe that they need to put 20 percent down to buy a house. However, there are loan options available that allow a person to buy a home with a lower down payment. According to a U.S. Mortgage Insurers study, the median down payment in 2017 was only 10 percent. The Realtors Confidence Index Survey from November 2017 found that 61 percent of first-time buyers made a down payment of 6 percent or less.
