People in Georgia may want to include a living will as part of an estate plan. A living will explains the type of medical care a person wants if the person is unable to convey preferences because of illness or injury.
People in Georgia who were fans of comic book artist Stan Lee may be aware that toward the end of his life, there was some controversy over his estate and his care. Lee said earlier in the year that $1.4 million was missing from his accounts. He also signed a notarized statement saying his daughter had shouted at him and made friends with men who wanted to take advantage of him only to rescind the statement later.
Estate planning should not be something where the “better late than never” mantra should be applied. While it is best to have something in place prior to your death, the earlier you start your planning can relieve family turmoil and thwart any chance of stress or confusion concerning your final wishes.
Georgia residents may have an idea of what it takes to transfer cash, stocks or bonds to future generations. However, it may be a little more difficult to determine how to transfer assets like a car or a famous artwork. The first problem relates to properly valuing the asset. This should be done by having it appraised by an independent professional as opposed to a previous owner or relying on an online resource.
An irrevocable trust is an estate planning instrument that Georgia citizens may use when planning their estate to protect assets in the trust from creditors of their beneficiaries. It is important for those who choose this type of trust to understand how it works and factors that determine when a creditor can reach assets.
Having an efficient estate plan means having the necessary estate planning documents in place. Georgia residents can take certain steps to make sure that they have all of the legal documents they need to protect themselves and their loved ones.