Few Georgia residents enjoy planning for how their estate will be handled after they pass away. However, revisiting existing wills, trusts and other estate planning documents is an ongoing need and something that should be attended to every other year or so. Without those periodic reviews, it's easy to miss changes in estate law that could cost a family a significant amount.
Reviewing wills and trusts is a process, not a one-time task
The role of wills and trusts in divorce planning
Going through a divorce is never an easy process for Georgia spouses, and it can feel as though there's an endless list of items that deserve one's attention. Thinking about wills and trusts might be the last thing on the mind of a spouse in the middle of divorce, but it is an important consideration. Failing to plan for the future can result in unintended outcomes.
Newly announced estate tax exemptions could affect wills
Most Georgia residents are aware that a portion of the wealth they leave behind could be subject to taxation. In fact, some structure their wills and trusts around minimizing those obligations. One type of tax that applies after death is called the estate tax. There are thresholds that define when that tax is triggered, and the Internal Revenue Service recently announced an increase in estate tax exemptions for 2019.
How to handle specific heirlooms in wills and trusts
Amassing a collection of artwork or other valuable items can be a lifetime accomplishment. For those in Georgia who are thinking about how to handle these types of heirlooms in their estate plan, it can be helpful to have a plan in place. Wills and trusts can ensure one's wishes are carried out, but the first step involves clearly outlining those wishes.
How frequently should wills and trusts be revisited?
Some Georgia residents think of estate planning as a one-time event that can be completed and then checked off of the to-do list. In reality, it's absolutely critical to review wills and trusts periodically to ensure the provisions laid out within still apply. Life changes, and those changes often bring about a shift in how to address estate planning needs.
