How to overcome estate planning roadblocks

On Behalf of | Nov 7, 2019 | Trusts |

Georgia residents may not like contemplating their mortality. However, creating a thorough plan can make it easier for surviving family members to settle an estate in a timely manner. It may be best to create a list of physical assets and financial assets in the beginning planning stages. This may make it easier for people to inventory their possessions and decide what to do with them.

Breaking the process of inventorying assets into smaller pieces may make it feel less overwhelming to do so. Ultimately, it can eliminate an estate planning roadblock that could prevent a person from drafting a will, trust or other document. Parents and grandparents will need to consider family dynamics when deciding who will get their possessions. It may be a good idea to consider the prospect of a child remarrying or what would happen if a beneficiary were to die unexpectedly.

The costs associated with preparing an estate plan may be why a person hasn’t crafted one yet. However, failing to do so could result in a large tax bill or other negative financial consequences for family members left behind. Therefore, it is worth executing a plan even if it does come with a price.

A trust may allow parents or grandparents greater control over assets after they die. For instance, they may limit how a beneficiary is allowed to use money or other assets passed down to that individual. A will or trust may also allow parents to name a guardian for their children. An attorney may be able to help those who need assistance creating an estate plan or reviewing one that already exists.

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