There are a number of common errors a person in Georgia might make in estate planning that could lead to problems in carrying out his or her wishes. One of the main errors is procrastinating on putting together an estate plan at all. If someone dies without a will or any other estate planning, the state will determine what happens to that person’s belongings.
However, creating an estate plan doesn’t just involve doing it and forgetting it. Estate plans need to be reviewed regularly to ensure that they still make sense based on current tax laws and that they fit a person’s current life situation and relationships. It is important that estate planning documents be prepared in compliance with any beneficiary designations or arrangements, such as joint tenancy with rights of survivorship since these both override instructions in a will or a trust.
Considering whether a trust might be more useful than a will can also be a step in estate planning. However, it is important that the trust is funded. Not transferring titles or other assets to a revocable trust means it will not work as planned. A person might also want to consider a pour-over will that places other property in the trust upon his or her death. People may also want to consider what to do with sentimental and digital assets.
Another important aspect of estate planning is preparing for the scenario in which a person becomes incapacitated. This can involve documents that appoint people to handle his or her financial and medical issues. A document that explains a person’s wishes for end-of-life care can help prevent the family from struggling with difficult decisions. People may want to discuss both these and other aspects of their estate plans with their loved ones to make sure that their family and friends understand their wishes and why they have made certain choices.
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