It is not always easy to plan for the future and make decisions that could impact a family’s financial future. However, estate planning is an important step, particularly for those who have valuable assets and other things they have specific plans for after their passing. Through carefully drafted wills and other estate planning measures, a person can ensure that his or wishes for specific assets are honored.
One important step is to ensure that valuable assets are specifically mentioned in a will, as well as specific instructions regarding who should get it and how it should transfer from one person’s possession to another. A person preparing an estate plan should try to carefully catalog and track these particularly important or valuable assets so that they do not become lost. Lost assets can cause complications for a Georgia family trying to settle a loved one’s estate.
Careful documentation regarding valuable assets can help as well. These documents can prove the value of an asset, its authenticity and chain of custody in the event there is a dispute over ownership or worth. Thorough documents can allow an heir to probably account for all personal property passed to him or her, as well as accurately address any estate tax issue.
When drafting wills and other estate planning documents, it is prudent to consider the ramifications of all choices. It may help to discuss concerns and other estate planning questions with a Georgia attorney experienced in estate law. When addressing personal collections, valuable assets and other important items in an estate plan, it is most beneficial for all parties for the terms of a will to be specific, thorough and written in a way that will reduce the chance of future conflict.