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.
Those who own property and assets might wish to consider using trusts. Family trusts allow for easier asset distribution, and those who already have a trust must remember to keep updating this estate planning tool. This may be necessary as children have their own families with grandchildren or when divorce occurs.
Trusts may need modifications as time passes and one loses touch with some people. In addition to considering one’s feelings when reviewing estate planning documents, one may need to think about how those in an estate plan feel about each other. For example, a grantor might make his or her children successor trustees. Complications could arise if these parties cannot get along and work together.
When one has valuable material assets to pass on to family members, one may need to specify how these items should be distributed. This is to prevent conflict from arising if one relative wants to sell an object while someone else wants to keep the possession. If one does pass down items, one should be aware of any taxes an estate or person will incur as a result.
Some trusts are revocable and can be modified while others are irrevocable, and an attorney might help one when selecting the type of trust to use. For example, one might leave an estate to two children. When deciding how to distribute assets, one might look at the relationship a grantor has with both children, the financial situation of each child and each person’s ability to make responsible financial decisions.