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.
Trusts and wills are legal instruments used in Georgia for estate planning purposes. Neither one is better than the other. They are simply different. A will acts as a guide for handling a person's estate after he or she dies. For instance, a will might specify how to dispose of property and provide for the care of minor children.
Parents of children with disabilities who are living in Georgia are often concerned about estate planning. If a person with a disability is receiving Supplemental Security Income (SSI) benefits, getting additional income, even in the form of an estate bequest, could disrupt SSI payments and eligibility for Medicaid.
People in Georgia may find that the deaths of George and Barbara Bush prompt them to think about their own estate plans. Even though the Bushes were quite wealthy, lessons from their example could be useful to people of more modest means planning the future of their assets as well as those who want to manage the disbursement of significant estates. It is important to note that the Bushes died within eight months of one another. For long-time, older married couples, it is far from uncommon for the passing of one spouse to be followed shortly thereafter by the other. This phenomenon is even referred to as the "widowhood effect."
Georgia residents who are beneficiaries of trusts may have legal recourse if the trustee controlling fund access is uncooperative. It is important that beneficiaries are aware of their rights and of what steps to take if they are encountering difficulties with a trustee.
People in Georgia who are thinking about their future often are concerned with how best they can leave a legacy to their children or other loved ones. Many people opt to create trusts, as they allow property to pass outside of the probate system and can also provide significant tax benefits over the years. However, some worry that if their children know from an early age that a substantial trust fund will be waiting for them, they will be less motivated to achieve academically and in their careers.
Many estate owners in Georgia want to be able to support the education of children, grandchildren or future generations with their assets. When preparing for the future, there are a few different ways to include educational bequests as part of an estate plan. Trusts can provide different flexible options as well as the opportunity to create certain conditions for beneficiaries to access the funds.