Estate planning can be important for everyone who wants to protect their family's future, but it can be especially so for Georgia business owners. In fact, an estate plan can help them to protect the future of their family as well as their business and those who rely on them. By dealing clearly with future plans for the business, a business owner can help to set up a framework that benefits employees, customers and other stakeholders.
A Georgia resident who is making an estate plan might want to think about whether their intentions will be understood and followed by family members. While an estate owner could have a will, financial powers of attorney and trusts, there could still be conflict between loved ones.
An effective estate plan can go a long way to protecting your assets and ensuring they go to the appropriate beneficiaries in accordance with your wishes. However, like many other plans, even the best estate plan is often only as good as the person implementing it.
Georgia residents who have significant wealth may want to consider using a dynasty trust as part of their estate plan. A dynasty trust is unlike the majority of other types of trusts in that it does not expire. It can be opened in a select number of states.
Despite all the information available to them, some seniors neglect to write a will. It could be because they expect to live a lot longer or because they are so busy that it slips their minds. Whatever their reason for not putting their wishes in writing, there are some things a surviving child in Georgia could do to make sure their parent's assets are passed to the appropriate heirs.
Some Georgians either think that they do not need estate plans or put off writing one until it is too late. It is important for people to have estate plans in place so that they have control over how their assets are passed and can minimize various taxes and fees.
While no one wants to think about their mortality, it is worthwhile for Georgia residents to know their options when it comes to planning their funerals. For instance, it is acceptable to put funeral instructions in a will. It is also possible to use a planning declaration to assign someone to oversee the event. Typically, the person who creates the document is allowed to include as many or as few details as he or she wants.
According to a report from BMO Wealth Management, 40 percent of parents never have an estate planning conversation with their children, and fewer than one-third of adults reported knowing any details of their parents' estate plan. Only a quarter of adults said their spouses knew where they kept estate planning documents, and 40 percent of people who had lost their parents said they found the estate plan to be unfair. However, there are steps Georgia residents can take to better prepare family members.