On this blog, we often discuss some of the complex challenges and questions people have when they are drafting, enforcing or disputing various parts of an estate plan. While there are countless issues that can come up, we want to encourage readers of this blog not to be intimidated by the process of estate planning.
Regardless, this tale serves as a good reminder to the rest of us: When you inherit a property-especially in an improving real-estate market-don't underestimate its worth.
Adding to your family through marriage can be a joyful, exciting time. It can also be a stressful time, however, because there is a lot you need to think about and adjust to in order to make as smooth of a transition as possible.
Estate planning is very important in order to make sure a person's wishes are carried out when they pass away. While it may seem uncomfortable, talking to your aging parents about their estate planning is also very important. There are benefits to planning together, and to making sure your parents' estate is handled the way they would want it to be after they are gone. Many estates have fully or partially gone to people they were not intended to belong to, simply because of a lack of planning. You can avoid that by working with your aging parents to help them with their estate planning needs.
It has been said no parent should outlive his or her children. Sadly, however, there are many who do when their children pass away. While this can be devastating no matter how old a child is, it can present a number of legal complications when a child is a young adult with assets and property that parents, generally, will need to deal with.
Information is literally at our fingertips these days. If we don't know who won the World Series in 1995 (hint: Atlanta Braves), how to make lasagna or what type of medical condition we might have, we just do a quick internet search on our computers, tablets or phones. However, there are plenty of subjects that cannot be understood with a quick Google search.
Leaving money, property and other gifts to children is something that parents all across Georgia plan to do when they pass away. Many often spend several years saving and setting aside these assets in the hopes that they will be of great benefit to their kids.
Estate plans should be regularly updated, particularly after major life events. Some of the events that require updating your estate plan include marriage, remarriage, the birth of children and illness or disability.
Creating a plan for the future -- especially one where you won't be able to speak for yourself -- can be a daunting endeavor. However, this doesn't mean that you should just put it off indefinitely. Unfortunately, this is precisely what many people across Georgia do when it comes to estate planning. They think, "Maybe next year," or, "I have plenty of time to worry about it later."
Over the weekend, residents across Georgia were saddened by the death of legendary boxer, activist and philanthropist Muhammad Ali. His life and his passing had an impact on people all across the globe, from sports fans hailing him as "the greatest of all time" to people inspired by his lengthy battle with Parkinson's disease.