Many Georgia residents and others associate matters of estate with signing a will. While signing a last will and testament is a common part of the estate planning process, there are many other types of documents and issues involved in executing a solid estate plan. It is never too early to learn as much as possible about the process; in fact, for those age 50 and beyond, it is often a crucial aspect of long-term care.
Elder law covers a variety of issues. Many Georgia families are currently exploring their options regarding asset protection, advance medical directives or building trusts. Where the latter is concerned, there are options within the options, meaning there isn't just one type of trust. Determining whether an irrevocable or other trust best fits one's particular needs may be easier if experienced guidance is sought.
Georgia elders often have a lot on their minds as they transition to assisted living care or make plans to organize the legal documents that will provide for their heirs and beneficiaries once they themselves have died. While some people try to avoid discussions about mortality, others realize that the estate planning process is, for the most part, an integral part of life that needs to be addressed in order to help loved ones avoid certain problems down the line. There are several avoidable errors that elders can address as they enter the long-term care planning process, which often includes execution of estate plans.
As life expectancy has greatly increased in Georgia and throughout the nation, it is quite possible that an elder may live beyond 90 or 100 years. The estate planning process is a valuable tool for elders who wish to protect their assets and also provide for their own long-term care. There are several issues to keep in mind to avoid some of the most common errors people make when filing the documents of their estate plans.
Many Georgia residents are currently thinking about estate planning or long-term care issues. Some are adult children who helping their aging parents get their documents squared away. Others are people who realize the importance of bringing such issues off the back burners of their minds to the forefront. It is never too soon to start, although there are several common mistakes that those developing plans will want to avoid, especially when naming a beneficiary.
There are various tools that are beneficial for long-term care and estate planning purposes. Each Georgia resident can customize his or her own plan to protect assets, set aside funds for nursing home or other medical care or to provide for loved ones by implementing a trust. Since there are numerous types of trusts, it's important to understand the differences between them, especially regarding living or testamentary plans.
Food icon Anthony Bourdain's fans in Georgia and throughout the country were saddened at the recent headlines that announced his sudden, unexpected death. He was the father of an 11-year-old girl. He had also been planning to divorce his wife; however, the divorce was never finalized. While some estate analysts who have reviewed his situation say he did not leave behind a thorough enough plan, one thing he did do was place money in trust, with his child as the primary beneficiary.
Many people, perhaps including some in Georgia, have an aversion to thinking about their own mortality. Others understand the importance of pondering such things and to place certain things in writing regarding asset protection, wills and other estate planning matters. Various documents may be part of an estate plan, including a trust or durable power of attorney.
Many older people in Georgia are concerned with issues having to do with long-term care. Planning an estate often intersects with various long-term care situations. Creating a solid plan is easier if one first seeks clarification regarding terminology, such as trustee, beneficiary, revocable, irrevocable and more.
Many Georgia elders spend a lot of time thinking about their own mortality. Most want to make sure their health care needs and final wishes are fulfilled if they become incapacitated and unable to speak for themselves. It's not uncommon for a parent of adult children to make such wishes known through private conversations with a son or daughter. The estate planning process can be used to ensure that an elder's instructions are carried out.