An estate plan may provide several benefits to Georgia adults. For instance, it may help them limit the burden of estate taxes or provide greater control over where assets go after death. It may also make the process of settling an estate easier on surviving family members. There are several steps that should be taken to create a quality estate plan.
For instance, it may be a good idea to talk with an estate planner to identity any sources of conflict within the documents. While it may not be possible to eliminate all conflicts, having a conversation is better than simply ignoring any potential problems an estate plan may cause. Those who are financially successful may want to work with a financial adviser when creating an estate plan. This may help to preserve wealth for future generations.
It is also a good idea to talk with spouses and children about how wealth is created and how to best manage it. Those who own a business should have a succession plan in place as soon as possible. Without such a plan, a company could lose value quickly, and it is rarely a good idea to assume that a child or spouse will automatically take over in the absence of the current owner.
The use of trusts may make it easier to keep a business in the family and potentially help an estate avoid probate. It is advisable to have the assistance of an attorney when drafting the component documents to ensure that they comply with state law.