In Georgia and other states, many people create estate plans in order to protect themselves and their assets for the future while creating a lasting legacy for their heirs and loved ones. An important process for anyone regardless of age, wealth or health, estate planning can provide peace of mind for the estate owner as well as any heirs and potential beneficiaries. Still, creating an estate plan can be complex, and interested parties should understand what makes an estate plan successful and enforceable.
Making a plan successful
Today, the internet is replete with so-called do-it-yourself methods of creating estate plans. While usually more affordable than using attorneys, DIY estate plans can contain a lot of errors and mistakes that will make the related documents invalid. Because of this, people looking to create an estate plan should consult with an experienced estate planning attorney for assistance or insurance the documents will be effective and enforceable. People should also keep the following in mind in order to make their estate plans as successful as possible:
- Make loved ones and potential beneficiaries aware of one’s plans with regard to end-of-life wishes. This can help mitigate any hard feelings among heirs in order to avoid a contested will, for instance.
- Related to this, anticipate potential conflicts with heirs and beneficiaries and make one’s will clear and easy to understand.
- Consider any tax implications related to the estate and plan accordingly.
- Revisit an estate plan after major life events, such as a death of an intended beneficiary, marriages, divorces, births, etc.
- If the testator owns a business, a succession plan should also be in place.
These are but a few suggestions for making an estate plan successful. People should try to consider as many aspects and contingencies as possible when creating their estate plans to avoid any complications when it comes time to administer the estate. As stated, working with an experienced estate planning attorney in Georgia can help a testator create a plan that will serve his or her needs well into the future.