There are a variety of mistakes that people in Georgia and throughout the country make when creating an estate plan. One such error is to not have an estate plan at all. Creating a will allows a person to determine where his or her assets go after passing on. In many cases, a spouse only receives property that was jointly owned or otherwise titled with joint ownership rights.
When people in Georgia think about planning for the future, they may be concerned about how they can best ensure that their assets are distributed according to their wishes. They may also want to do everything they can to ensure reliable support for their loved ones. As a result, many people turn to trusts as part of the estate planning process. Trusts offer a greater level of flexibility, customization and control than other estate instruments. In addition, they do not need to go through the probate system, so they do not become public record, offering more privacy in the process.
Estate planning tends to be more straightforward under Georgia law when an individual only has physical assets. However, it is not uncommon for people today to have a variety of digital assets. These are almost anything that is stored on a server or accessed on a computer. Assets may include email accounts, bank accounts and brokerage accounts. They can also include a social media profile or a subscription to an e-commerce site.
For single parents in Georgia, estate planning involves important decisions that can have a huge impact on the future of a child. These decisions are based on a variety of factors that include both the capabilities and the limitations of offspring, and they consider things like schooling, living arrangements, friendships, and financial stability. A solid estate plan creates a situation where a child can seamlessly transition into a new life after the death of their single parent.
New probate court papers have determined that the estate of Carrie Fisher, who passed away in 2016, is worth more than $6 million. Fisher is known throughout Georgia and many parts of the world after appearing as Princess Leia in several Star Wars films. The estate executor for the actress requested a final value for the state in order to begin final distribution of the assets.
Many people have a difficult time making estate planning decisions because they find it unpleasant to face their own mortality. Others recognize the importance but face hard choices based on specific issues with certain members of their family. This can be especially true when it comes to asset protection for high-net-worth Georgia residents.