Estate owners in Georgia use trusts for a variety of reasons. Trusts can make the transfer of property easier and less complicated, prevent probate issues and specify instructions for property administration after the death or disability of the grantor.
When people in Georgia begin to think about the future of their families, it may be time to consider estate planning more seriously. Making a plan for one's estate can be important for people at all levels of wealth; whether one is leaving behind substantial assets or a small sum, establishing a clear plan can help to protect oneself and provide peace of mind for one's loved ones.
Georgia residents have a lot to consider when they think about the future of their estates, especially how they can use the estate planning process to promote family unity rather than division and how they can best preserve their wealth to benefit their heirs. In many cases, it is difficult to sustain inter-generational wealth, and in other cases, family members start to fight about inheritances after their loved one passes away. Unfortunately, estate planning issues can often lead to internal family disputes and expose resentments that already exist.
Georgia residents who are thinking about planning their estate will want to know all of the provisions they should make. Otherwise, gaps in the plan will leave them vulnerable to financial abuse and unexpected events, such as accidents that leave them unable to make their own decisions.
Georgia residents can use a trust as part of an estate plan in a number of different ways. For example, assets such as IRAs can be placed in a trust so they can continue to grow in value tax-free. Another advantage of a trust is that it can allow a person to specify how distributions are made. For example, a beneficiary might only receive distributions at certain ages.
One of the situations Georgia residents should plan for when creating an estate plan is the event that they might become incapacitated. Should they be unable to make important decisions by themselves, it is important that the necessary documents are in place to ensure that their preferences regarding their finances and health will be honored.
Georgia residents might hesitate to create an estate plan because they do not want to think about mortality. However, an estate plan serves two important purposes. In addition to detailing how people want their assets distributed, it also makes preparations in case they become incapacitated and cannot manage their financial or health care issues.
Georgia residents and others should be prepared for family drama when it comes to estate planning. According to a TD Wealth survey of estate planning professionals, 44 percent said that family infighting was the biggest estate planning threat in 2018. The conflicts between family members are often the result of the blended families that are formed through having children from previous marriages.
Many people in Georgia draft estate plans and fail to review them for years. Individuals who have estate plans should review them regularly and make changes as needed after major life events. There are several other factors that should also prompt a review of an estate plan.
When people in Georgia want to ensure that their properties and possessions will be distributed properly after death, estate planning is critical. Developing the necessary documents, including a will and relevant trusts, is important for protecting the financial future of one's heirs. There are a number of concerns to keep in mind while working through this process in order to ensure the best and most efficient outcomes.