If you are a Johns Creek area business owner or anticipate becoming one, one of the most important things you could ever do to protect your investment involves estate planning. Though your company might be fairly young, it is never too early for you to put plans in place to ensure its operations when you are not able to manage it.
When you become a first-time parent, you may find yourself consumed with feedings, naps and learning the ropes of caring for a newborn on your own. With everything you have going on, it becomes all too easy to let other aspects of your life take a backseat, and many couples find they have little time left for matters such as estate planning.
As a small business owner in Johns Creek, you have managed to build up a lucrative business from the ground up. The one thing you may have overlooked along the way is making your estate plans. Without them, all of your hard work could be in jeopardy.
As you prepare your estate plan, it is important that you select the proper person or people to handle your affairs. Such individuals hold a great amount of power in your place, so it is important to select trustworthy, capable trustees.
The technicalities of making a will can seem fairly simple, yet many people slip up on them, often because they underestimate the importance of getting every detail right. When you put thought and care into the disposition of your assets, the last thing you want is for a court to find the will invalid and distribute your estate according to intestacy laws.
An important part of careful estate planning is appointing an executor whom you can rely on to ensure the carrying out of your wishes when the time comes. Understanding what the executor will have to do can help you make the right decision.
You may not look forward to discussing your estate plans and instructions for your end-of-life care with your family in Georgia, but it is one of the most important conversations you can have with them. Talking to them now about life after you pass away can make it easier for them to accept things and help to protect your estate.
If you wish to apportion your estate through a will in Georgia, you can reduce the risk of potential challenges by making sure to comply with technical requirements. Georgia law sets out four main requirements for a valid will. Failing to comply can cause courts to set your will aside.
You need more than a last will and testament to protect your estate in Georgia and ensure that your beneficiaries receive their inheritance. If you die with debt, your creditors can sue your estate to receive what is owed to them. The size and value of your estate can diminish significantly if you happen to owe a substantial amount of money to your creditors. Even though it would be advantageous for you to pay off what you owe, there are many reasons why you may not.
If you have minor children, appointing a guardian ranks among the most important parts of your estate plan. There are many legal and personal issues to consider while making your decision. A knowledgeable estate attorney can help you come up with effective provisions that will benefit your children.