One of the most crucial steps that any Georgia resident can take in planning for his or her financial health is that of estate planning. Estate administration and planning ensures that the individual’s final wishes for health care and property are honored. It also ensures that loved ones will be adequately provided for in the individual’s absence.
Many may overlook it or simply delay it due to more pressing day-to-day concerns, but a comprehensive, robust estate plan helps to easily resolve a great number of questions that arise when someone dies. Some of the questions that arise typically include aspects pertaining to financial affairs and personal and real property, as well as which individual gets what. It can also help to answer questions, such as will a personal guardian be appointed in order to care for children if they are minors, what amount of tax should be paid so that property ownership can be transferred and even what kind of funeral arrangements would be considered appropriate?
Some may wonder what an “estate” exactly is. An individual’s “estate” is comprised of all the different types of property that an individual owns at the time of his or her death, such as real estate, stocks, bank accounts and life insurance policies. It can also include personal property like artwork, jewelry and automobiles.
Estate administration and planning can help, no matter the individual’s age or the size or complexity of the estate. However, understanding all the options for estate plans that apply to individuals can be a very complex undertaking. Therefore, many in Georgia choose to consult experienced estate planning attorneys to explore all of the options available so that they may reach their estate planning goals while fulfilling all of the needs of their loved ones.
Source: FindLaw, “What is Estate Planning?“, Accessed on June 14, 2016