Estate planning is not only for the individual who executes a will or prepares a trust. It is for their spouse, loved ones, and everyone else who may survive them when they pass on. In Georgia, residents have access to many testamentary tools to help them prepare estate plans that meet their individual financial and personal needs.
For some individuals, keeping assets and property out of probate is a priority. It is important that readers understand their own needs when it comes to estate planning, as their goals and interests may be different than others. Consultations with local estate planning and administration lawyers is a good way for individuals to educate themselves on estate administration and outcomes in the greater Atlanta area.
Some drawbacks of the probate process
Probate may have a bad reputation, but it does serve a purpose. It is the legal process through which a person’s will is administered, assets are collected, beneficiaries are identified, and debts are paid. All these elements can be tricky, and probate walks estates and administrators through the process to ensure compliance with the laws.
Probate can, however, be a drain on resources. It can take time, which can delay when beneficiaries receive disbursements from a decedent’s estate. It can also cost money when court fees and other related expenses are incurred.
Making an informed decision about probate
As stated, it is important that every Georgia resident has a good understanding of their estate planning rights under the law. Once they know their options, they can develop an estate planning and administration scheme that meets their needs and accomplishes their end of life-giving goals. Probate may be a part of some estate planning arrangements and excluded from others.