When creating an estate plan, many Georgia residents focus on their will and how they want their property distributed when they die. While these are important topics, people should also think about other things. Some potential areas of concern for someone creating an estate plan include funding their funeral and setting up a revocable trust.
While the idea of funding one’s own funeral may seem dark, the reality is that it helps to take the burden off of family members that will already be in mourning. Not having to deal with planning the funeral or paying for it can be very helpful for friends and family, and people may be able to reduce their funeral costs by doing price comparisons, which is something that family members may not want to do.
It may also be a good idea for people to set up a revocable trust. A revocable trust is one that allows individuals to manage assets in it while they are alive. However, if a group of family members determines that a person is no longer mentally capable of managing assets, they can take them over if the trust language allows it, which avoids issues of guardianship hearings.
Another important part of estate planning is ensuring that the documents are current. If a plan is outdated, it may not provide people with the assets that the owner had intended. For instance, if laws change, someone may end up having to pay a higher tax rate than anticipated. Additionally, births and marriages may necessitate a review, which can be conducted by an attorney.
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