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October 2018 Archives

Reasons a trust might need to be changed

People in Georgia who have trusts as part of their estate plan may want to periodically review those trusts to make sure they still fulfill their intended purpose. There are several reasons a trust may no longer work for an individual. One is that the trust was never created property in the first place. This can happen if an attorney does not understand a family's wishes and needs.

How to incorporate charity into an estate plan

Those who live in Georgia or any other state may want to give money to charity while alive or after passing. Charitable giving can be included in an estate plan, and the first step in doing so is to find a cause worth donating to. Individuals might want to consider giving to charities that they have donated to in the past when creating their plan. It could also be worthwhile to consider which issues are relevant to future generations.

Dealing with timeshares in an estate plan

Georgia residents purchase timeshares because they allow them to save money while enjoying designated weeks at their favorite resorts, but selling or disposing of them can be challenging. This is important because most timeshare agreements include what is known as an in perpetuity clause that requires owners to keep paying fees and covering monthly maintenance charges until they die. These fees can be as high as $3,000 per year at luxury resorts, and timeshare owners may also be responsible for paying the costs of correcting code violations and making repairs to the property in question.

The importance of updating estate plans after a divorce

One life event that some Duluth residents do not realize can have a direct impact on their estate plans is divorce. Contrary to popular misconception, divorce settlements, decrees and intentions do not always take precedence over the state‚Äôs laws of intestacy. Regardless of why a relationship does not work out, if the testator does not revise her or his estate plans to reflect the divorce, the state may have the final say over who inherits assets and raises dependents when a person dies. 

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