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Marietta Estate Planning And Probate Blog

Put estate planning on your 2018 New Year's resolution list

Do you think estate planning is only for the well-to-do? Think again. If you fit any of these criteria, you should have an estate plan:

  • You are in a serious relationship with someone to whom you are not married
  • You have a child or children of any age
  • You just got married or remarried
  • You own a house
  • You want to provide assets to a charity after you are gone
  • You provide support for someone over the age of 18

Evaluating trusts for your estate planning needs

If you're thinking about creating an estate plan, you're probably running into lots of information about trusts, some of which may seem confusing or contradictory. There are many different types of trusts and many ways that you might use them, depending on your needs and wishes for your estate.

In general, a trust is a financial planning tool that allows people to remove items from personal ownership but still control how and when they or others access those items. You may find it helpful to think of a trust as a box. You can take things that you own -- money, real estate, etc. -- and place them in the box. Once they are in the box, you do not legally own them, protecting them from unnecessary taxation or preserving them from claims of creditors. You may even use a trust to reduce your income to qualify for government assistance.

Should you consider updating your will?

Although common sense dictates that every adult should have some sort of will in place, thousands and thousands of individuals die each and every year without a proper will. However, even those individuals who do create wills often neglect to update the wills regularly, sometimes causing large conflicts within their communities and families when they pass.

If you have a will but have not updated it in a while, then you should strongly consider updating any elements of your will that changed since you last reviewed the document. It may prove useful to simply read over your will with some of these matters in mind.

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Marietta, GA 30062

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