Georgia residents and others may ask an attorney or another professional for help creating an estate plan. However, it is critical that they understand the details of the plan well enough to explain to others. The structure of a plan will depend on a variety of factors unique to the person who is creating it. Those who have life insurance policies or other assets that come with beneficiary designations should review those designations regularly.
Individuals who have a trust should think carefully about who will fulfill the role of the trustee. In some cases, it may be a good idea to have multiple trustees who can help administer the document in the future. Those who are creating an estate plan will want to consider how assets are distributed to beneficiaries. For instance, it may be possible to leave them directly to the beneficiaries themselves. However, a person can also decide to have them transferred to a trust.
This could be a good idea if assets are being transferred to a minor or to those who are going through a divorce. After an estate plan is created, it is important to review it on a regular basis. Ideally, a person will schedule a review appointment with an attorney every three to five years or when a major life event takes place.
The estate planning process is typically one that takes place over the entirety of a person’s adult life. While it is never too late to create a plan, it may be best to start doing so after turning 18. This may make it easier for an individual to have health care or financial issues managed on his or her behalf. An attorney may help a person create a trust or other necessary estate plan documents.