In Georgia, much like other states, estate planning is full of potential problems and risks for the unwary. Understanding the process will prevent a lot of mistakes and issues down the line.
There are a lot of mistakes that you can avoid just by paying close attention to your plans. For example, make sure you have the right executor and beneficiaries listed, especially after a life event like a divorce where it may have changed. You should also account for things like the fact that young children may now be adults, so they don’t need to have specified guardians anymore, and other similar paperwork for minors.
Estate planning should strive to simplify when possible. That means making a careful inventory of financial assets and understanding where they are, how they work, and where they are supposed to go, and documenting all of that. When there are advanced trusts or assets located in multiple states, things can be complicated.
There are ways to set up an estate that will help reduce your tax burden and meet other goals, like donating to charities. A good estate plan will balance out having the right goals while also not being too complicated It is also critical that all of the details and intentions are communicated to your heirs so that there are no surprises, miscommunications, or other issues that can delay settlement of the estate. The longer it takes to settle, the more it will cost.
Estate planning is easier if you start early and have a clear vision for what you want to do. This will aid a successful probate process.