Georgia residents have only fulfilled half of their estate planning responsibilities by drafting a will or other documents. Once these documents are created, it is vital for individuals to review them on a regular basis. For instance, when a person moves to another state, he or she could be bound by different probate laws. It is also possible that a spouse may be entitled to a greater share of assets in that new state.
Georgia fans of comics creator Stan Lee may be aware that near the end of his life, there was some controversy around his fortune and in his relationships with others. Lee said that $1.4 million was stolen from his bank accounts, in part to buy a condo. At one point, he made several accusations against his daughter in a notarized document that he later took back. He has also worked with several attorneys and business managers.
Georgia residents purchase timeshares because they allow them to save money while enjoying designated weeks at their favorite resorts, but selling or disposing of them can be challenging. This is important because most timeshare agreements include what is known as an in perpetuity clause that requires owners to keep paying fees and covering monthly maintenance charges until they die. These fees can be as high as $3,000 per year at luxury resorts, and timeshare owners may also be responsible for paying the costs of correcting code violations and making repairs to the property in question.
In some cases, estate plans may trigger family feuds. That's why Georgia estate owners who are planning for the future should take certain steps to make conflict less likely.
Most people in Georgia who have attended a funeral understand how familiar pastors are with the reality of death. After speaking at so many funerals and attending to terminally ill church members, one might assume that pastors are more likely than most other professionals to have estate plans in place. According to a recent survey, that simply is not the case.
Small business owners in Georgia may be particularly concerned about how to handle their business after they pass away. With the news that music legends Aretha Franklin and Prince died without a will, the consequences of passing away intestate have been widely discussed. Family members have been caught up in ongoing legal disputes about these musicians' substantial estates. However, these celebrities were far from alone; according to one survey, 58 percent of Americans don't have a will. While most entrepreneurs' estates may not rival Franklin's or Prince's, it can be equally important to create a clear plan for the future.
Georgia residents may have planned to pass down their assets and legacy directly to their children. However, this may not always be a wsie idea. This is because a person's offspring may not be qualified to run a business or handle money on their own. They also may not be interested in running a family business. Therefore, it can be beneficial to create a succession plan that allows future generations to benefit from an asset without controlling it.
A Georgia resident who is making an estate plan might want to think about whether their intentions will be understood and followed by family members. While an estate owner could have a will, financial powers of attorney and trusts, there could still be conflict between loved ones.
Some Georgians either think that they do not need estate plans or put off writing one until it is too late. It is important for people to have estate plans in place so that they have control over how their assets are passed and can minimize various taxes and fees.
While no one wants to think about their mortality, it is worthwhile for Georgia residents to know their options when it comes to planning their funerals. For instance, it is acceptable to put funeral instructions in a will. It is also possible to use a planning declaration to assign someone to oversee the event. Typically, the person who creates the document is allowed to include as many or as few details as he or she wants.