For single parents in Georgia, estate planning involves important decisions that can have a huge impact on the future of a child. These decisions are based on a variety of factors that include both the capabilities and the limitations of offspring, and they consider things like schooling, living arrangements, friendships, and financial stability. A solid estate plan creates a situation where a child can seamlessly transition into a new life after the death of their single parent.
Many people have a difficult time making estate planning decisions because they find it unpleasant to face their own mortality. Others recognize the importance but face hard choices based on specific issues with certain members of their family. This can be especially true when it comes to asset protection for high-net-worth Georgia residents.
When Georgia residents with significant means think about the future of their property, they may have a vision for how their assets will be distributed to those they care about. Still, many people refrain from in-depth overviews of their estate because of the complex interpersonal and emotional questions that the task can raise. However, for people with wealth, it can be particularly critical to have a comprehensive plan in place. Preparing a will or creating a trust is a great step forward, but it can be important to regularly review the plan.
Georgia residents who are interested in creating a strong estate plan may want to consider using a trust. Parents who have children with disabilities could benefit from using a special needs trust while individuals who want to help a favored cause could create a charitable trust. A charitable trust allows an individual to benefit from an asset while alive and then transfer the remaining value of that asset to a designated organization.
Estate planning in Georgia can be a complicated process, especially if some beneficiaries have special needs. For heirs with developmental disabilities, there are specific trusts with appropriate wording that can prove useful. If the beneficiary has a problem with substance abuse, this may present a more nuanced situation that can't be solved with a traditional disability trust.
There are many elements of a well-developed estate plan, such as a will, medical directives and powers of attorney. However, Georgia residents should also strongly consider including a revocable trust.
Many Georgia residents who don't have children may believe that they don't need a last will and testament. However, estate planning experts say just the opposite. In fact, a will might be even more important for an estate owner without obvious heirs.
One of the most common reasons for setting up a trust in Georgia, or any other state for that matter, is to generously provide for children or grandchildren. Typically, distributions won't begin until many years later. Because of this, some individuals who set up trusts tend to hold off on letting children, grandkids, or other beneficiaries know about the wealth or assets that may be coming their way.
By giving to a charity, a Georgia resident can feel like they're giving back to the community they love. While some donate every year or work as volunteers, others make their biggest contributions at the time of their passing. A solid estate plan can help ensure a healthy chunk of change goes to an important charity
In 2016, there were more than 42,000 deaths related to opioid use, which was a 500 percent increase from 1999, according to data from the Centers for Disease Control and Prevention. Georgia residents who are trying to create an estate plan may need to account for a loved one's addiction. This may be necessary to protect the best interests of the addict as well as the family.