Baby boomers are the largest population group in the U.S. Most of you are healthy, vibrant and not ready to retire. However, it is not too soon to provide for the protection of your hard-earned assets.
Reasons for postponing estate planning may include apprehension of the expense and a reminder of one’s mortality. Learning the facts about estate planning in Georgia may enable you to thoroughly examine your options, protect your family and preserve your peace of mind.
Georgia Probate Law
Probate is the court-supervised process that oversees the settlement of an estate and the distribution of assets of the deceased.
Georgia law exempts some assets from probate:
- Property designated in a trust
- Life insurance
- Joint tenancy property
- Retirement accounts
Additionally, in Georgia, a “small estate” is an estate that falls below a certain dollar amount and may not require a formal probate court settlement.
The advantages of a revocable trust
A trust is a powerful estate planning asset protection tool. You can include all assets in the trust and name a beneficiary who will receive those assets in the event of your death.
A revocable trust enables you to:
- Avoid probate in Georgia
- Adjust the trust at any time during your lifetime
- Protect your assets without surrendering them now
- Retain privacy—probate is a public process
As a baby boomer, you know that life can take sudden and unexpected turns. If you address these important issues, you can make valuable preparations and provide for your family before a crisis occurs.