When Georgia residents with significant means think about the future of their property, they may have a vision for how their assets will be distributed to those they care about. Still, many people refrain from in-depth overviews of their estate because of the complex interpersonal and emotional questions that the task can raise. However, for people with wealth, it can be particularly critical to have a comprehensive plan in place. Preparing a will or creating a trust is a great step forward, but it can be important to regularly review the plan.
In many cases, people forget that they have included provisions that contradict with later ones. In other cases, they planned to make a significant bequest to people who are no longer alive. By reviewing their estate plan, people can help to ensure that the documents follow existing laws and reflect an internal consistency. It can be important to closely review a plan to make sure all assets are included, especially when people have significant overseas holdings. U.S. documents may not be sufficient to address their plans for assets held in another country.
In general, it is best for people to share basic knowledge and information about their plan rather than surprise family members and loved ones later on. This can help to limit interpersonal conflict and family feuds when the plan goes into effect and can also help people to prepare for the future, minimizing resentment.
People who want to make sure that they have a solid plan in place for the future of their wealth can make use of a number of documents. An estate planning attorney can work to draft wills, trusts, and powers of attorney that reflect a client’s visions.
