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August 2019 Archives

Adding a will to a trust-based estate plan

Georgia residents who wish to have more control over how their estates will be administered may choose to use trusts. Placing assets into trusts allows estates to avoid the probate process, but these benefits are only available if trusts are properly funded. When the grantor of the trust neglects to transfer all of their assets into the trust, a trust-based estate plan can be vulnerable. If there is no will in place, the assets that have not been transferred into the trust become probate assets. This means that the trustee will have no control over them, and they will be distributed according to state law.

Court decision on rights of contingent beneficiaries

Georgia is not one of the states that has adopted the Uniform Trust Code. However, a person who is creating a revocable trust with contingent beneficiaries should still be aware that those contingent beneficiaries may have rights in some circumstances. Traditionally, revocable trusts have been used to allow the settlor, or creator, to keep control of the property in the trust. However, this might not always be the case.

Estate planning can provide for pets

For many Georgia residents, their pets are their closest companions in life. Therefore, it makes sense for owners to be concerned with the care their pets will receive after they pass away. People want to provide for their children, other loved ones and even favorite charities, but pets have a special vulnerability. After all, they cannot provide for themselves or even express their needs. People may ask others if they are willing to look after their beloved pets after death, but these kinds of verbal promises are most frequently unenforceable.

Things to think about when estate planning

Estate planning is not a particularly fun topic, so many people put off thinking about it. However, estate planning should not be rushed. It is a broad category that could encompass many aspects of one's life. Here are a few considerations Georgia residents might have when creating an estate plan.

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