Georgia residents may be tempted to create an estate plan on their own. While it may save time and money today, it may cause problems transferring assets or meeting other goals in the future. In many cases, estate planning errors cannot be remedied without court approval after a person dies. Therefore, beneficiaries may have to spend time and money obtaining what the deceased individual intended for them to have.
It can be easier than a person thinks to not execute a document properly after filling it out. If the document is not properly executed, it could be declared partially or wholly invalid. Furthermore, an individual may not know or understand the various ways to reduce a tax bill or otherwise create a favorable estate plan. By working with a professional, it can be possible to learn about strategies available to best meet a person’s needs.
Working with a professional may also help a person take family dynamics into account when creating an estate plan. This may minimize the chances of family conflicts or appointing the wrong person to be an executor or trustee. Finally, attorneys and other professionals know how to account for changes to tax or estate planning laws. Having this knowledge may allow a person to adjust a plan in a timely manner.
There are likely many issues that a person needs to consider when going through the estate planning process. These issues might include accounting for family dynamics, filling out and filing documents properly and updating a plan as life events such as marriage or divorce occur. An attorney or other professional may assist during the creation or review of an estate plan. This might make it easier to ensure that it meets the client’s needs and wishes.