Many people in Georgia want to ensure that their children are provided for in the future. At the same time, they may worry about how young, irresponsible or financially inexperienced children will handle significant amounts of wealth after a sudden inheritance. Many people have experienced financial disaster after acquiring large sums of money quickly and lose their assets as a result. This is one reason why parents may look for estate planning solutions that can impose protections as part of the transfer of assets, especially for beneficiaries who are particularly likely to overspend and lose their wealth.
Many people do not have wills and may wonder if they really need one. While the decision to draft a will or not is a personal one, many arguments for having a will come down to the amount of choice you want to have over what happens to your property after your death.
In real estate, a short sale is when a homeowner sells their property for less than what they owe on the mortgage. The word "short" comes from the idea that the seller is short on the cash needed to pay off their loan. While these types of sales spike during bad economic times, especially the last housing crash around 2008, they tend to be rare in Georgia when the economy is growing and housing prices are rising.
Georgia residents who do not have an estate plan might want to consider creating one in the new year. The first step is to review and make a list of all assets in the estate. If there are any issues with asset titles or other ownership problems, these should be resolved. One can then create a will or trusts and choose who will receive assets. Without these documents, those assets will be distributed based on state laws.
Almost any Georgia adult could benefit by creating an estate plan. This is true regardless of a person's monetary status as such a plan can account for more than just the transfer of assets. For example, it could also determine who would be reponsible for a minor child in the event that a parent became incapacitated or died suddenly.
As members of the wealthiest generation in American history, baby boomers in Georgia understandably want to pass some of their hard-earned assets along to certain heirs. Boomers are also living longer, which means they're often seeking effective long-term estate management and planning solutions. Luckily, there are several life insurance products that can meet many of the needs of a generation whose youngest members are now in their mid-50s.