Grandchildren are a gift to many Georgia residents. If grandparents do not get the chance to watch them grow into adulthood, they might decide to leave them assets in their estate plans. How those arrangements are made could make estate administration easier for surviving family members.
What happens to a Georgia resident's pet when the owner passes away? This is one question that many people forget to address during their estate planning. It would be beneficial for instructions regarding the family pet to be provided in order to make this issue less complicated during estate administration.
Upon death, a Georgia resident's last will and testament needs to be probated. If that individual's estate plan is not kept up-to-date, the estate administration could be more difficult. Reviewing an estate plan periodically can help keep unnecessary problems from diminishing the assets of the estate and preventing the distribution of its assets as quickly as possible.
Many people who live out-of-state are named the executors of wills for family members who live in Georgia. This would obviously make estate administration problematic. Fortunately, an executor -- or the family members of someone who died intestate (without a will) -- can still have the estate settled long distance.
When Georgia residents die, their assets will need to be distributed. If there is a will, surviving family members have some instructions as to whom will receive the assets left behind. However, a will is only part of the equation when it comes to estate administration.
Many Georgia residents created their estate plans when they had minor children. However, as the years went by, their children became adults, and now their plans are out of date. When estate-planning documents are not updated, surviving family members could have a difficult time when it comes to estate administration.
Even if the loss of a loved one was expected, it is still an emotional time for most families. While surviving family members grieve, they still have to summon the energy to deal with all of the legal and financial issues that follow a death. Estate administration can be stressful, and there is no need for Georgia residents to go through it alone.
In last week's blog, the duties of an executor were discussed to help Georgia residents make informed decisions regarding who would be responsible for carrying out their wishes as outlined in their wills. This week, discussion turns to the other positions in estate administration that also need to be filled. Crafting an estate plan that fits all of an individual's needs, desires and goals often requires trusts and powers of attorney, which all need someone to represent his or her interests.
Nearly everyone in Georgia has at least one digital account -- even if it's a social media account. What will happen to that and other digital accounts after death is more than likely not the first thought that crosses a person's mind when they are opened. Known accounts will be subject to estate administration, and if any are not identified through due diligence, they could be missed. The result could be the non-receipt of an inheritance for an intended heir or beneficiary.
Many Georgia residents hope to provide for their children and family after their own deaths. In order for estate administration to take place smoothly, an estate plan must be written and put in place to ensure that the individual creating the plan will be able to control who benefits from the estate. An estate plan also makes it much easier for an individual's surviving -- and grieving -- family to handle the decedent's estate, provided it is not only written down but professionally planned.