Perhaps one of the most unfortunate limitations people place on estate planning is that it exists for families to leave an inheritance for their children. This is only a small portion of the good an estate plan can do. While Georgia parents can certainly improve the lives of their children with a well-planned estate, those without children can also benefit from careful will and trust preparation.
A person or couple with no children may have specific intentions for their estate, such as leaving it to a favorite niece or nephew, donating it to charity, or dividing it among friends. Without a will or trust, the court will handle one’s estate according to state law. This may mean the estate will go to relatives the couple has never met or had no intention of including in an inheritance.
Many find that trusts are the surest way to protect their estate and manage it according to their desires. A trust protects assets from probate, taxes and creditors because the trust itself owns the assets, and the appointed trustee manages the assets according to the creator’s instructions. Some common kinds of trusts include those for pets, charities and minor children, among others.
Trust preparation can be complex, and mistakes can leave one with a trust that is worthless. It is wise to seek information and advice about the best ways to prepare and fund a trust by consulting a skilled Georgia attorney. An attorney can also offer sound advice about choosing a trustee that will handle the duties effectively.