Cumming Georgia Estate Planning Law Blog

Estate planning looks different for every person and family. What is necessary to have the right protections in place depend on factors such as the size of the Georgia estate, beneficiaries and goals a person may have for his or her future. Often, people overlook the importance of wills because they do not believe it is necessary for their situation or they misunderstand how a will can greatly benefit loved ones left behind.

One reason a person may be reluctant to draft a will is because he or she wants to keep financial information private. However, a lack of a will can cause significant complications after that person's death, which is an issue that impacts loved ones. Beneficiaries may wonder what they can do to help their family members, perhaps an aging parent, understand why it is important to have certain estate planning protections in place. 

As the digital world fills more and more facets of modern life, many people in Georgia have made the choice to purchase cryptocurrency to include in their assets. People who own and use cryptocurrency might not have realized that this type of asset should be included in an estate plan. However, doing so might not be as simple as just writing out their wishes in their wills. The recent death of a billionaire who owned the digital marketplace QuadrigaCX shows just how important it is to ensure that cryptocurrency can be accessed by those who inherit it. Experts have a few suggestions on making that easier.

Since this kind of currency is very new, laws are still being created to manage it. In the meantime, the first step anyone with cryptocurrency should take is to make a list of all digital assets. Whether this list is handwritten or on a spreadsheet, it should also include the locations of anything that might be needed to access the assets. Getting the input of a financial expert or a legal professional is also a good idea. Some digital assets are nontransferable and professional assistance can help determine how to manage each kind.

As the population ages, more and more families will want to consider how to care for the older adults in their lives. Some may have concerns that older adults will not be properly protected by any professional caregivers that are entrusted with the task. Nursing home abuse is a sad circumstance for far too many families who may struggle with care planning. This is why Georgia lawmakers are considering a bill that would allow surveillance cameras in rooms of health facilities. 

The AARP is advocating for three legal measures that, it argues, would protect older residents from abuse. A Georgia advocacy manager says they include expanding access to broadband internet in rural areas, the increased usage of telehealth for patients to engage with their chosen medical professionals, and passing the Authorized Electronic Monitoring in Long-term Care Facilities Act. That last measure would allow families to install video surveillance in rooms of nursing homes and other long-term health care facilities where their elder loved ones live.

Some Georgia residents are fortunate enough to own a vacation home in another country, a business venture on distant shores or a boat registered in a foreign port. While all of these assets can be incredibly rewarding, they also pose a specific set of estate planning needs. Wills and other documents must be structured in very specific ways to ensure these assets are handled properly once the time comes. 

The best approach is to consider these issues at the time a new asset is acquired. The manner in which a piece of property or business asset is owned will factor in to how that asset can be handed down at the time of death. For those in Georgia who own foreign assets, it may be time to review the structure of those holdings and make changes where needed.