When a Georgia resident creates an estate plan, they might overlook the need to ensure access to online accounts. Complicating this is the fact that writing down passwords is not secure. This may have larger implications if the estate owner runs a business. In December, the sudden death of a cryptocurrency exchange owner meant that clients lost access to $190 million in investments when his password could not be located. It's unclear whether they will ever be able to access it.
Georgia residents who have been named estate executors have a lot of work ahead of them. For instance, they must file income tax returns, get in touch with beneficiaries and take steps to secure assets. It is important to point out that executors have a fiduciary responsibility toward the beneficiaries. Therefore, they should not be ignored or otherwise kept in the dark at any point while the estate is being settled.
When it comes to estate planning, many people think about who should receive bigger assets like real estate, stocks and business interests. Personal property is often forgotten when dividing an estate. However, residents in Georgia and other states who own art, antiques and collectibles may need to make sure these items are included in an estate plan.
Georgia residents who are interested in creating a strong estate plan may want to consider using a trust. Parents who have children with disabilities could benefit from using a special needs trust while individuals who want to help a favored cause could create a charitable trust. A charitable trust allows an individual to benefit from an asset while alive and then transfer the remaining value of that asset to a designated organization.