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Wills Archives

Protecting beneficiaries in regard to wills and trusts

When a Georgia resident sits down to prepare his or her estate plan, passing down wealth to loved ones is often the top priority. In some cases, however, beneficiaries could actually be harmed by their inheritance. Part of the estate planning process should include examining how wills and trusts could have unintended negative consequences for loved ones.

Communication is essential in regard to wills, trusts

When it comes to estate planning, the importance of proper communication cannot be overstated. Drafting wills, trusts and other estate planning documents is important, but so is communicating the provisions held within to loved ones. While these may be difficult conversations to have, the end result is a far easier process for those Georgia residents named in estate planning documents.

Many Americans haven't created wills or other financial plans

According to a survey conducted by Wells Fargo, as many as four out of 10 Americans over the age of 65 have not taken steps to secure their estate planning wishes. That can create a real problem for loved ones who have little guidance in the absence of wills and other documents. There are steps that can limit financial vulnerability for Georgia residents, but a proactive approach is required. 

For some, wills must include cryptocurrency information

Structuring an estate plan is a demanding task, even for Georgia residents with relatively simple asset types. For those who invest money in many different ways, creating wills and other estate planning tools that cover all the bases can be even more of a challenge. That is especially true in cases where cryptocurrency plays a role. 

How to incorporate charitable giving into wills

Many Georgia families feel strongly about the many benefits of charitable giving. They give frequently throughout their lives, and also pass down wealth to favored charities through wills and other estate planning tools. There are several different ways for individuals and families to pursue charitable giving, and there is a solution that works best for virtually every set of needs. 

Family drama can complicate wills and trusts

Many wealthy families in Georgia and elsewhere are concerned about the hit that the estate tax might place on their inherited wealth. In reality, however, there's another concern that many estate planning experts say is far more likely to deplete those funds. When surviving family members fight over wills and other estate planning provisions, things can become very contentious and very expensive in a short period of time. 

Considering reservoir trusts in addition to wills

When planning an estate, the primary focus for the vast majority of people is ensuring that their accumulated wealth passes down to loved ones without undue losses. Wills certainly play a role in that process, but they are not the only planning tool available. For many Georgia families, a reservoir trust can be a great option. 

Wills should be a part of spring preparations

Signs of spring are popping up all over Georgia. Homeowners are cleaning out closets to make way for new things and planting flowers to add curb appeal. In addition to these traditional spring tasks, many also recognize the need to take a closer look at their families' wills to make sure they are in keeping with current wishes.

Wills are an important part of taking care of loved ones

As one ages, thoughts of who should inherit what and what will happen to one's estate often come to mind. Yet, even though the average Georgia resident contemplates these decisions, there are still some who fail to take the necessary steps involved to create their wills and other estate planning documents. Once these documents become necessary, it is too late. The only time in which a will is necessary is upon the death of the individual. Once this occurs, the will directs how the majority of an individual's assets will be distributed.

Wills and estate planning

Estate planning is an often overlooked yet essential part of planning for one's future. As one begins to make the necessary decisions, there are often many questions regarding exactly which tools are best given the Georgia resident's specific situation. In many instances, wills or trusts are appropriate.

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At Hodges Law Firm, we handle a wide range of legal issues for clients throughout the Atlanta area, including elder law, estate planning, probate, Medicaid planning and protection, asset protection, litigation, and business law and services. We are knowledgeable in the law and understand the real life implications of legal actions.