Georgia residents should review their estate plans after major life events such as divorce. This can help a person make sure that neither the spouse or the spouse's family is still a part of the plan. In addition to making changes to a will, it may also be necessary to make changes to a trust or to beneficiary designations. Beneficiary designations are typically used to transfer real property, bank accounts or other financial assets.
Selling your home involves a lot of work. There’s always cleaning, repairs and staging that needs to happen before it goes up for sale. Most people end up listing their house when it’s ready to put on the market.
Many people in Georgia recognize how important it is to plan for the future. That's why they're careful to create wills and other key estate documents. However, as time passes, it can become particularly important to review existing estate plans to make sure they reflect current laws and the creator's current wishes. Many experts advise that if an estate plan is three or more years old, it is time for it to be reviewed.
The death of Barbara Bush followed by the death of George H. W. Bush just a few months later is an example of an event that could cause problems for a couple's estate plans. For couples who are married for decades, dying in fairly close succession is not unusual. Couples in Georgia can take precautions to protect their estates in case of this happening.
There are several common mistakes that people in Georgia who are making an estate plan should avoid. One is failing to let the executor or others know what the estate assets are and where to find them.