Making plans for the distribution of your estate is always a wise step, regardless of how old you may be. Many people often put off estate planning, thinking they will have time to take care of it sometime in the future. For others, making a plan for their estate may never cross their mind. It is important for all Georgia residents, no matter the size of the estate, to be proactive to ensure their property is distributed in the way they desire.
Scott Taylor Smith, author of the book "When Someone Dies," recently wrote an article suggesting several important steps folks can take to make things easier on their loved ones when they die. Many, if not most, of these suggestions are routinely handled in the estate planning process. Some of them, however, may not be, so we'll take a look at what he says.
Many people think that the act of writing someone out of their will is a sort of cruel betrayal, and perhaps a sign of a disharmonious family. But that's not always the case. People in Georgia disinherit their relatives for a variety of reasons. Some may feel as though one child needs more financial help than another, and so they choose to channel their assets to where they are most needed. Others may have had no relationship with one of their family members, and so wish to ensure that their assets are not given to a child or sibling that they never knew.
In our previous post, we began speaking about a long-time probate dispute between the son and daughter of Frank Lumpkin Jr., who was a die-hard Georgia athletics fan. The dispute, we noted, concerns season tickets. Such disputes, while not common, can and do occur.
Disputes during probate administration can involve a number of issues. One very common one, of course, if fighting over specific assets. One asset that may not come to mind immediately, is season athletics tickets. Disputes over season athletics tickets are not terribly common, but can be very disruptive when they arise.
Estate planning is for everybody, not just the wealthy or those with extraordinary situations. The biggest reason for this is that, without a plan of your own, your state will provide you with a "one-size-fits-all" plan through its intestacy statute. Because each person has unique needs and goals, it is not a good option to fall back on these statutes.
Amid a family dispute over the estate of the late Michael Jackson, some members of the Jackson family have accused others of kidnapping the 82-year-old Katherine Jackson in an effort to win her over in a fight over Michael's fortune.
Our readers have already heard about the recent tragic death of pop star Whitney Houston. From the looks of it, there may be some turbulence for the late entertainer's estate, which has passed in its entirety to her 19-year-old daughter Bobbi Kristina by her will.
On Monday, the FBI captured a man who has been charged with 14 federal fraud counts connected to a scam in which he allegedly defrauded a number of individuals. Among the victims in the scam were 24 members of the Dominican Sisters of the Rosary of Fatima.
In our last post, we began giving tips for making a selection on a guardian. Here'll we'll pick back up on the thread. In addition to being open to non-family members and separating the functions of raising children and handling their money, a third tip is to select one person to act as guardian, but have a backup selection.