Many people in Georgia and other locations across the nation tend to avoid discussions that involve their own mortality. Generally speaking, people would rather focus on living than dying, and many well-intentioned persons think they have all the time in the world to plan their estates. However, it may be that a key factor toward successful estate administration is in the planning. Some say that a poorly planned estate can be as damaging as having no plan at all in place at the time of one’s death.
Apparently, a crucial aspect of successful estate administration lies in carefully choosing a successor trustee. The person chosen should be able to withstand the potential business and emotional strains of the position. Additionally, careful consideration should go into a plan for how assets will be divided among one’s beneficiaries.
Heated disputes, contested wills and crumbling familial relationships have been known to result from the estate administration process when a plan was poorly crafted. This may be especially pertinent in situations in which the deceased were wealthy. It is good to know that an estate plan can be amended; in fact, it is recommended to periodically review one’s plan to make certain it is up to date and reflects any upgrades necessary due to marital changes, income fluctuations or the need to change the appointed trustee or guardian of one’s children.
Anyone with questions about estate administration in Georgia may seek answers by contacting an experienced probate and estate administration attorney in the area. An attorney who has successfully settled other estates understands the intensely personal nature of such situations. Appropriate legal guidance can mean the difference between a well-crafted or poorly designed plan that can have a significant impact on the administration process.
Source: theunion.com, “Frederick Fisher: 5 key decisions when putting together your estate plan“, Frederick Fisher, April 24, 2016