Top 10 Advantages to Georgia Estate Planning
1. Provide for your loved ones.
Individuals. Individuals want to ensure their surviving loved ones are provided for after they pass. Particularly those persons with children under 18 should have a Georgia estate plan nominating personal guardians for their minor children, and making other provisions for the continued care, education, and upbringing. Otherwise, a Georgia court will decide without your input where your kids will live, and who will make important decisions about their money, education, and way of live.
2. Transfer your property to your beneficiaries quickly.
Having a proper Georgia estate plan in place may avoid Georgia court oversight of your property’s transfer to your chosen beneficiaries, sparing your beneficiaries costly, time-consuming, and unnecessary delays in accessing their inheritance.
3. Plan for your incapacity.
A Georgia estate plan can help you prepare for your own possible mental or physical incapacity. A Georgia living will, and a Georgia power of attorney may enable you to decide in advance about life support and appoint someone you trust to make important decisions for you about medical treatment.
4. Minimize expenses.
Good estate planning can keep the cost of transferring Georgia property to your heirs as low as possible, leaving more money for your beneficiaries at the end of the probate process.
5. Choose executor for your estate.
A well written Georgia estate plan will help ensure that the executor of your choice has the necessary authority under Georgia law, which can save money, reduce the burden on your survivors and simplify the administration of your estate through the Georgia probate process.
6. Ease the strain on your surviving loved ones.
Your Georgia estate plan may include provisions for your funeral arrangements that can relive the burden fro your grieving survivors. You can specify if you which to be buried or cremated and any final arrangements you have made in advance.
7. Provide help for a favorite cause.
Though your Georgia estate plan, you can help support religious organizations, educational and other charitable causes, either during your lifetime or upon your death, and at the same time take advantage of tax laws designed to encourage charitable giving.
8. Reduce conflict among your heirs.
Having a well thought out estate plan is an excellent way to reduce potential conflict among your heirs. The passing of a loved one is a stressful time, having a clearly written Georgia last will can go along way to preventing conflicts between those you wish to benefit.
9. Provide for people who need help and guidance.
Do you have an elderly parent living in Georgia, child or loved one with special needs, or a grandchild whose education you want to assure? You could establish a special trust fund under Georgia law for family members who need support that you won’t be there to provide.
10. Make sure your business continues smoothly.
If you own a Georgia small business you can provide for an orderly succession plan and continuation of your Georgia small business by clearly spelling out what will happen to your business interest through your Georgia estate plan. In Georgia small businesses represent a significant portion of an individuals estates, making sure that your business interest passes clearly is just as important as the instructions you provide regarding bank accounts, real estate or life insurance.