There are many benefits to creating a will. For instance, a prepared estate owner in Georgia can avoid state intestacy laws that govern how property is distributed. A will also allows the creator to name a caregiver for a minor child or decide who gets to care for a pet.
An individual retirement account is a popular retirement-saving tool for adults in Georgia. Choosing a trust as an IRA beneficiary can yield several benefits. However, before an estate owner can designate a trust as the beneficiary to their IRA, they should be aware of the requirements for doing so.
Individuals in Georgia may need more than a will after they have children. Without a trust, a child may be able to inherit property directly after turning 18. Generally speaking, younger people have a hard time making prudent financial decisions. It can be tempting to use a windfall to take vacations or make other extravagant purchases. Those who have substance abuse issues may be tempted to use their inheritance to further their habits.
Anyone in Georgia should create an estate plan, but people with chronic diseases or those approaching advanced age have an urgent need to document their wishes. A quarter of people ages 65 to 74 must grapple with the effects of chronic diseases. Half of the people age 85 or older experience cognitive impairment. People should strive to complete their estate planning documents, especially those necessary for medical care, while they are physically and mentally able to consider their decisions.
About half the marriages in Georgia and around the country end in divorce, which means that blended families are extremely common. Divorced spouses who remarry should revisit their estate plans regularly because failing to do so can have dire consequences. Disputes between heirs are often contentious, but they may be particularly bitter when children from multiple marriages are involved.