Bringing a new child into the world is a time of excitement and joy. Adding to a Georgia family brings up all kinds of strong emotions, including a renewed sense of responsibility toward loved ones and a desire to protect one's children in every way possible. Many people make a concerted effort to create a home that is safe and welcoming to a new baby, including babyproofing, decorating the nursery and ensuring that everything is in place to care for an infant. An often overlooked yet vitally important preparation is drafting a new will.
For many Georgia residents, estate planning is not a high priority. For some, openly discussing details surrounding the topic of death is uncomfortable. For others, indecision on various topics makes it difficult to begin the process of drafting a will. For those who have multiple children and are uncertain how to divide their inheritance, the following tips may provide a measure of assistance.
Determining how one's assets will be distributed after they pass away can be a complex task. When someone in Georgia creates a will, there are many things to take into consideration. This is especially true if an individual wishes to leave money or other assets to a person with special needs.
There are several important aspects to a creating a fully-functioning estate plan in Georgia. The creation of a will is obviously an incredibly important foundational piece of a well-rounded plan. However, keeping one's will up to date can be equally as important, especially if a person divorces his or her partner and remarries.
In today's society, people are living longer, divorcing and remarrying more regularly and belong to family unit structures that are more fluid than in years past. In previous decades, people in Georgia married, had children, and then created a will that was generally as complete and relevant upon their deaths as it was when it was formed. However, the current dynamic family environments in America have required a fresh look at the creation and language of wills. A recent article offers some tips to help ensure that intended beneficiaries receive what is intended with the least amount of difficulty.
There are several important aspects to a creating a complete estate plan. The creation of a will is the foundation of a carefully considered plan. However, it is not always the final step. Many in Georgia often choose to name an executor for their estate, who will help ensure that their wishes are carried out.
As medical science has advanced, people in Georgia and throughout the country are living longer. However, the science and pharmaceuticals that support mental function have not advanced as quickly as those that support physical capabilities, and this has resulted in an increased populace of healthy yet cognitively impaired residents in the United States. Due to this, many people advancing in years have begun to consider creating a living will, which can ensure that their wishes about medical care are carried out in the event that they become incapacitated.
When plans are not made for an estate, money and other assets can pass to unintended recipients. After the recent death of Prince, the lack of a will has caused his estate to enter probate proceedings. The probate process can prove extremely expensive, ultimately degrading the assets of an estate. Due to this, many in Georgia and throughout the country have begun making legal plans for their estates.
In a previous post, we discussed how estate planning is not a priority for many people and that perhaps more than an underlying fear of death or simple procrastination, this mindset can be traced to the mistaken belief that it's a complex process that they don't need and/or don't understand.
It goes without saying that estate planning isn't high on the list of priorities for many Americans. For some, this can be traced to other life events continually getting in the way, while for others it can be traced to the uneasiness that comes from having to consider their own mortality.