Duluth Georgia Estate Planning Legal Blog

In some cases, estate plans may trigger family feuds. That's why Georgia estate owners who are planning for the future should take certain steps to make conflict less likely.

For example, choosing the right executor is important. People often default to the oldest child or a spouse, but they should consider who is best suited to a position that requires organizational skills and strong ethics. Some executors might fail to communicate with other family members or file the necessary paperwork. In some families, there might be accusations that the executor is stealing from others. One solution is to appoint a professional. A corporate trustee usually manages large estates while a professional fiduciary may manage a smaller one.

The days and weeks following the passing of a loved one in Georgia can be difficult for those left behind. This is especially true when it comes to figuring out who gets certain cherished possessions, what happens with financial accounts and even funeral preferences. But with proper estate planning, all of these decisions can be made in advance and based entirely on what the estate owner had in mind. A common first step is to create a will. However, there are other aspects of estate planning that often go overlooked.

The estate administration and probate process can be streamlined or simplified with some additional planning. For instance, having beneficiary designations for life insurance policies, annuities and retirement accounts may allow the probate process, which is the reading of a will and settling of an estate, to be bypassed altogether so that assets can be distributed sooner. With some IRAs and annuities, it's possible for a beneficiary to only take the required minimum distribution to preserve the tax advantages sometimes associated with these assets.

Small business owners in Georgia may be particularly concerned about how to handle their business after they pass away. With the news that music legends Aretha Franklin and Prince died without a will, the consequences of passing away intestate have been widely discussed. Family members have been caught up in ongoing legal disputes about these musicians' substantial estates. However, these celebrities were far from alone; according to one survey, 58 percent of Americans don't have a will. While most entrepreneurs' estates may not rival Franklin's or Prince's, it can be equally important to create a clear plan for the future.

By creating a will, people can determine what will happen to their properties after they die. Without a will, the decision is left to state law and the courts, regardless of sentiments expressed by the person who passed. Family feuds can become bitter and disputes develop over the assets. This can be especially true for small business owners. The future of the business may be at stake in a lengthy court and probate process, and much of its value may be squandered in legal fees. Without someone operating the business, it may cease to do business and even fall into bankruptcy in the long run.

When people in Georgia consider their plans for passing on their property in the future, they may frequently think about assets like real estate, bank accounts and investment funds. However, the developing interest in cryptocurrency highlights other types of digital assets that can require special attention during estate planning. People need to be able to pass on their cryptocurrency assets to their beneficiaries, but without a traditional bank structure, it can be easy for these major assets to be lost or abandoned rather than properly transferred.

By thinking about cryptocurrency and other digital assets when making an estate plan, people can ensure that they have taken care of both the legal and technical preparations that are needed to transfer their bitcoin or other digital currencies to their beneficiaries. The same estate planning principles used with more traditional properties still apply when transferring these assets. The executor of the will needs to know which assets exist and how to access them. However, the highly secure and password-protected nature of these assets requires special care to pass them on, especially as there is often no central authority or responsible party to present a death certificate for access.