Some time ago you created an estate plan. You believe it will do its job and protect your assets and your family as is, but are you sure? Does it take into account any law changes that affect the estate administration process in Georgia? If you are not sure, now is a good time to have your plan reviewed and modified, if needed.
It can be tempting to take on some really big projects by oneself rather than turning to professionals to get the job done. Sometimes, that approach is good and can save a person a lot of money. Unfortunately, the DIY craze should not extend to everything. For example, a DIY will may not hold up in a Georgia probate court, which will only end up hurting one's beneficiaries in the end.
Closing out a loved one's estate can be a challenge. When probate is necessary, the whole process can be confusing, and one may hear terms with which he or she is not entirely familiar. This week's column will go over some common terms one will hear when going through probate in Georgia.
You and your spouse are young and still have small children at home. Your life is busy, and you don't want to think about what will happen to your children if you and your spouse were to die unexpectedly. The problem with not thinking about it is, instead of your kids going to someone you know and trust in the event such a tragedy does occur, they will likely end up in the state system for a while until everything can be sorted out in Georgia probate court.
When a person dies, his or her loved ones may end up fighting over the estate. It happens all too often. When it does, if the deceased individual was a Georgia resident, the estate may sit in a Georgia probate court for an extended period of time while family members and their attorneys work to figure things out. A prime example of this is the current battle over the Glen Campbell estate.
When a loved one dies, one person is generally assigned to handle the closing out of his or her estate. This personal representative may be named in the estate planning documents of the deceased, or a Georgia probate court judge may name someone to this position. No matter how a personal representative gets the job, he or she has a lot of responsibilities when it comes to ensuring that an estate is properly handled.
The new tax law has a lot of people in Georgia and elsewhere shaking their heads. Not necessarily because they disagree with it, but just in trying to understand it. It will change a lot of things for a lot of people. For instance, it will affect how assets may be distributed during the estate administration process.
Numerous Americans are addicted to opioids. In fact, nationwide, 142 individuals die every day due to overdosing on such drugs. Georgia residents who are preparing their estate plans may have concerns about how their loved ones' addictions could impact their abilities to successfully manage any inheritance given them during estate administration. Thankfully, there are steps that can be taken to protect assets.
The start of a new year means it is the perfect time to review your estate planning documents to ensure everything is in line with your current wishes. A lot can change in a year, so make sure you consider your desires regarding property and assets.
Losing a loved one is not an easy thing to experience. When it happens, knowing what to do next may not come naturally. What needs to be done to get the estate administration process started in Georgia?