Many successful entrepreneurs in Georgia have allowed their estate plans to lapse. This means that if the unexpected occurs, their loved ones may not be properly provided for. People who want to limit taxes and ensure that their assets are allocated properly after they perish should have a current estate plan.
When individuals Georgia begin to work on an estate plan, they may decide to provide financial power of attorney to one of their children, another relative or a family friend. The person who has power of attorney can make certain financial decisions for the individual if he or she becomes incapacitated.
People in Georgia who are creating an estate plan may not think they need anything more than a will. However, there are several types of assets that are passed down using a beneficiary designation and not a will. Among those are annuities, life insurance policies, accounts that are payable or transferable on death, and IRAs.
Georgia residents who are planning on making a gift after they die may benefit as much or more by doing it while still alive. One reason to consider giving a planned gift prior to death is to witness the joy and adoration that is showered upon the giver by the recipient of the money or assets. Another good reason to make the gift while still alive is to ensure that it gets made properly.
Many people in Georgia see estate planning as arranging for the transfer of physical assets and financial accounts. To a large extent, that vision is correct. Planning for post-death transfers of property is the main reason for creating an estate plan.
Estate holders in Georgia should think about taxes and income when planning for the future of their assets. The goal is for one to be able to have control over their assets after passing away.
Women living in Georgia may have unique estate planning needs. The reasons for this include that women often live longer than men, may earn less over their lifetimes and might not be as familiar as their husbands with the "big picture" of investments and retirement funds.
Georgia residents may benefit from adding a durable power of attorney to their estate plan. A power of attorney allows an individual to name an agent to act on his or her behalf. By making that power durable, the agent may act even when the person who appointed that agent is mentally incapacitated. Depending on a person's needs, it may be possible to give one or more people a power of attorney.
Some Georgia residents may not want to pay for an attorney to help them create an estate plan. However, there may be downsides to using a will template or other templates that can be downloaded from the internet. For instance, those who have children and are thinking about getting remarried may want to create a custom estate plan. As a general rule, it is better to create a trust with the help of a professional.
When Georgia residents begin the estate planning process, they are often concerned about issues such as asset distribution, establishing trusts, and end-of-life decision-making. Sometimes, however, estate planning neglects the issue of final arrangements.