Georgia residents and others may not feel comfortable talking about their finances. They may also not be comfortable talking about dying or becoming disabled at some point in the future. However, it is generally better to put a financial plan in place before passing or before becoming disabled. Ideally, parents will instill financial values in their children as soon as they are old enough to understand them. Creating a dialogue early can make it easier to bring up the subject of estate planning later in life.
When the time comes to have an estate planning discussion, it is important to do so in a respectful manner. It may be easier to approach the conversation in general terms or as a way to ensure that parents and children know their options while there is still time to explore them. This can help to put everyone at ease and have a productive discussion about an important topic.
Financial professionals may be able to offer guidance to families who may not be able to talk openly with each other. They can also answer questions that a person may have about creating a trust or how to make changes over time. Financial professionals may also be able to have private meetings with family members to help them better understand what is happening.
The use of a charitable, irrevocable or living trust may help a person meet his or her estate planning goals. A trust might allow for greater asset protection as well as prevent the language of the plan from being released to the public. In most cases, assets are transferred to beneficiaries as soon as a person dies without the need for probate. Assets in a trust may be protected from creditor claims or being divided in a divorce.
