Most Georgia parents want to treat their children the same when it comes to an inheritance since they do not want any child to feel that another is more "loved" or important. However, there are cases where doing what is best for each child means treating each of them differently. Fortunately, trust administration also allows parents to make arrangements for each child that will serve them in the best way possible.
Many disabled adults require a substantial amount of care. Georgia residents often do what they can to make them comfortable and provide them with the best life possible. Special needs trusts (or supplemental needs trusts) can be created to help in that endeavor. These trusts, and the corresponding trust administration, must be handled carefully in order to avoid losing access to government benefits and programs that many disabled adults rely on to live their lives.
As Georgia's population ages, estate planning becomes a valid concern for many families. There are a number of items to consider, such as long term health care, wills, probate, estate taxes and trusts. Many individuals are discovering that their estates are best protected through trust administration.
One of the questions that some Georgia residents might neglect to ask when they agree to take on a responsibility with regard to someone's estate plan is how long they are expected to serve. The executor of a will might readily understand that there will be an end to the job, but a trustee might not have the same assurance. Fortunately, trust administration will end in many trusts. The question then becomes when and how the job will end.
Transferring assets during probate can be a long process under the best of circumstances. Furthermore, the value of the assets can diminish during estate administration due to unforeseen costs, such as taxes or litigation from heirs. For many Georgia residents, it would be much more efficient and less costly to put high value assets, such as a home, into a trust since trust administration is often less of a hassle.
Proper planning can ensure that a family is able to avoid unnecessary legal complications after the death of a loved one. Estate administration can be a complex process, one that becomes even more complex when there is no will or estate plan to dictate how assets and property should be divided. Every individual needs a plan, regardless of income level or property ownership.
The legal terms and categories of probate and estate administration can be complex and difficult for the average estate owner to understand. There are often many variables and choices involved in crafting a thorough estate plan, which may include decisions regarding trust administration. Although, this type of administration typically occurs outside a courtroom, the transferring of assets from a decedent to a beneficiary can be complicated; thus, it is advisable to seek clarification of Georgia laws and regulations before entering the process.
When a beloved friend or relative dies, it is seldom easy to process. Though death is part of life, it often takes an emotional toll on those laying loved ones to rest. In some situations, one who is grieving may also face certain inherent responsibilities and obligations if named as a key figure in trust administration for the decedent. Georgia residents accepting such responsibilities will want to make certain they clearly understand their positions.