People can use an estate plan to ensure that their assets are handled according to their wishes. However, assets can include more than just traditional liquid money and real property, As the world becomes more digitalized, Georgia residents should make sure that their estate planning also addresses digital assets.
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.
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.
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.
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.
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.