Georgia residents may believe that it is a good idea to buy a home with a friend or sibling. However, there are issues to consider before signing an agreement to purchase real estate with other people. For example, creditors could put liens on the home if another person in the group is past due on a loan payment or tax bill. Furthermore, everyone in the group should be realistic about how much they can afford to pay.
Some people in Georgia may think they do not need an estate plan because they are not wealthy. While there are several reasons wealthy people need an estate plan, all adults should have some kind of plan in place.
For new parents or parents with a minor child, it’s absolutely critical that you take estate planning steps to ensure that your child is left in good hands in case of your sudden passing in an unforeseen event.
Some Georgia residents might want to leave a portion of their estate to a charity. However, it is important to do this in a way that accounts for taxes to ensure that loved ones get the maximum benefit from assets.
According to a recent survey from Caring.com, 78 percent of millennials don't have a will. However, estate planning professionals say that people in Georgia and throughout the country should have one regardless of their circumstances. By creating a will, an individual gets to determine how assets will be distributed after he or she passes. Furthermore, that person can appoint someone to oversee the estate as opposed to the state doing so.